ESWATINI TRADE SURPLUS UP 5.6%

MBABANE – As Eswatini is predominantly an importing country, an increase in trade surplus is always most welcome.

Figures released by the Central Bank of Eswatini (CBE) yesterday revealed that in the past month, the country recorded a trade surplus of E569.8 million. It was 5.6 per cent higher than the surplus recorded in the previous month. The trade surplus was double that of the same period last year, as the gap between exports and imports widened, buoyed by an accelerated growth in merchandise exports during the year. Exports for the month amounted to E3.016 billion, increasing by 5.7 per cent month-on-month and 10.9 per cent year-on-year. Imports were valued at E2.446 billion in November, 5.7 per cent higher than the imports of the previous month while shrinking by 0.7 per cent year-on-year.

Subdued

“Year-to-date trade figures indicate subdued trade for 2020 as the year draws to a close, indicative of the prevailing global pandemic effects on economic activity. “Export proceeds for the year to November 2020 amounted to E25.367 billion, which is 2.7 percent lower when compared to E26.069 billion in November 2019,” reported CBE. Regarding cumulative import payments in November 2020, they amounted to E21.727 billion to fall short by 5.6 per cent when compared to figures for the same period last year. “The cumulative trade balance benefitted from the subdued imports for the year, posting a surplus balance of E3.640 billion as at November 2020, 19.0 per cent higher than the surplus recorded in November of last year,” reads the report.

Further analysis of November trade figures indicates that the exports of miscellaneous edibles increased by 9.5 per cent month-on-month and 47.6 per cent year-on-year to E1.675 billion, accounting for 55.5 per cent of total export receipts for the month. Export earnings from sugar and sugar products dipped month-on-month by 2.9 per cent to E515.1 million and down 35.9 per cent when compared on an annual basis.  Exports of wood and its articles increased by 9.2 per cent month-on-month, amounting to E161.0 million in November 2020. Earnings from textile and textile apparel exports fell by a marginal 1.0 per cent in the month to E409.8 million. 

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