2023 RECORDED 10% HIGHER EXPORTS

MBABANE - Exports were 10.0 per cent higher in 2023 compared to 2022, concluding the year at E36.634 billion.

Imports also increased in 2023 compared to 2022, amounting to E34.644 billion, reflecting a 7.7 per cent year-on-year growth. This is according to the Recent Economic Developments (RED) report from the Central Bank of Eswatini (CBE). The seasonally adjusted trade balance for December 2023 amounted to E82.2 million, where seasonally adjusted exports amounted to E3.072 billion and seasonally adjusted imports were E2.990 billion.

Reported

The CBE reported that the country closed the year with a positive trade balance of E1.990 billion compared to a trade balance of E1.120 billion in 2022. In the last month of the year the country recorded a trade surplus of E246.6 million, compared to a milder surplus of E70.0 million in the preceding month. Exports were lower in the month, totalling E3.123 billion compared to 3.436 billion in November 2023. Imports also declined in the month, amounting to E2.876 billion, from 3.366 billion in the previous month. The fall in trade figures was on account of fewer trading days in the December month.

Key export commodities performed as follows in December 2023; soft drink concentrates exports amounted to E1.790 billion in the month, which was an increase of 3.0 per cent month-on-month and an increase of 30.9 per cent year-on-year. Exports of sugar and sugar products decreased month-on-month by 13.8 per cent and decreased year-on-year by 33.9 per cent, to total E583.8 million. Textile and textile apparel exports, which were E178.1 million performed poorly in the month, mainly on account of fewer trading days, declining by 40.6 per cent month-on-month and by 31.6 per cent year-on-year. Exports of wood and wood articles also declined in the month, amounting to E133.0 million, a decline of E34.3 per cent compared to the previous month and a decline of 13.5 per cent when compared to the same month in 2022.

Performed

Leading imports performed as follows in the last month of the year; energy products imports which amounted to E587.1 million, decreased by 4.0 per cent month-on-month and increased by 23.5 per cent year-on-year. Imports of animal and vegetable products totalled E295.5 million in December 2023, which was lower both month-on-month and year-on-year by 15.5 and 3.6 per cent, respectively. Machinery and electrical equipment imports were at  E279.5 million in the month, declining by 12.8 per cent month-on-month and increasing by 21.7 per cent year-on-year. Imports of textile and textile apparel, which were E200.8 million decreased by 6.1 per cent month-on-month and fell by 7.1 per cent year-on-year. Vehicles imported in the month amounted to E148.2 million, which was 14.0 per cent lower compared to November 2023 and 13.5 per cent higher compared to December 2022.

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