Imports fall and deficit narrows

The trade deficit for the year to August 2013 continues to narrow as imports fell 7.4 percent to US$4.123 billion compared to US$4.455 billion in the similar 2012 period. Helping to contribute to the improved position is a lower decline in export earnings of 2.8 percent to US$1.1 billion. The trade deficit improved to US$3.026 billion, compared to US$3.326 billion in the same period for 2012 for a US$300 million savings.

Imports | There was a general downward trend in the value of imports for all but three of the commodity groups. “Mineral Fuels, etcetera” with the highest value for this period, accounted for US$1,467.6 million, as it here was a fall of US$270.2 million or 15.6 percent. Imports of “Machinery & Transport Equipment”, also declined from US$616.3 million in 2012 to US$595.9 million.  “Misc. Manufactured Articles”, declined by US$31.7 million to US$279 million, a fall of 10.2 percent, as there was a decline in the imports of furniture, footwear, apparel and photographic apparatus. “Beverages and Tobacco” valued at US$52.6 million moved down from US$54.4 million in the corresponding 2012 review period.

However, “Food” increased US$16.2 million to US$651.9 million compared to the 2012 period. The increase was a result of increased importation of ‘cereal & cereal preparations’, ’vegetables & fruit preparations’, and ‘miscellaneous edible products and preparations”, valued at US$549.5 million. The commodity group “Chemicals” increased by US$27.6 million or 5.3 percent compared to the US$521.9 million recorded in the similar 2012 period.

Traditional domestic exports | Earnings from major traditional commodities to August decreased by US$36.5 million or 6.3 percent to US$545.2 million compared to the same period in 2012, resulting from a US$44.3 million decline in the exports of “Manufactured” goods.

There was a decrease in the export of goods classified under “Manufacture” with earnings accounting for US$90 million, which fell below the US$134 million in the comparable 2012 period. “Mining and quarrying” rose by 1.2 percent to US$437 million as a result of increases in ‘Alumina’ and ‘Bauxite’.

The “Agriculture” sector saw receipts moving from US$16 million in the 2012 period to US$18.5 million during the 2013 review period. “Coffee” increased by 17 percent to US$14.6 million. “Citrus” earned US$3 million, a rise of 99.0 percent over the US$1.5 million recorded for the similar 2012 period.

Non-Traditional Exports | Earnings to August fell by US$14 million to US$489 million. Contributing to the decline were “Beverages & Tobacco” that fell by 37.4 percent or US$14 million to US$23.4 million. The sub-commodity ‘Alcoholic Beverages (excl. Rum)’ was responsible for this fall. This subcategory declined by 49.7 percent, moving from US$30.7 million to US$15.4 million in the current 2013 review period. ‘Tobacco’ fell by 73.4 percent. On the other hand ‘Non-Alcoholic Beverages’ increased to US$8 million, up from US$6.6 million in the comparable 2012 period, a rise of 19.7 percent.

The commodity “Other” fell marginally by 1.3 percent to US$345.3 million due to the fact that ‘Mineral Fuel, etcetera’ fell. “Crude Materials” rose mainly due to increased earnings from ’Limestone’ and ‘Other Crude Materials’. ‘Limestone’ moved from US$1.5 million in the similar 2012 review period to US$2.5 million, an increase of US$1 million. ‘Waste and Scrap Metals’ fell, moved from US$16.4 million in January to August 2012 to US$15.5 million in the comparable 2013 period.

“Food” recorded an increase, moving from US$96.0 million to US$99.4 million. Contributing to this increase was Yams’, one of the major export earner valued at US$15.8 million compared to US$11.9 million in the corresponding period.

Related posts | Big drop in trade deficit | Non-Traditional exports up

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