MBABANE – Eswatini’s trade surplus narrowed in March 2026, as imports rose and exports slightly declined, highlighting mounting external pressures despite strong regional trade performance within SACU markets.
According to the latest Monthly Merchandise Trade Statistics released by the Eswatini Revenue Service (ERS), the country recorded total exports of E3.82 billion in March 2026, representing a marginal year-on-year decline of 0.66 per cent from E3.84 billion recorded in March 2025. Imports, on the other hand, increased by 1.95 per cent to E3.27 billion, up from E3.21 billion over the same period.
As a result, the country’s trade surplus narrowed to E541.1 million, down from E628.8 million a year earlier, highlighting growing import pressures amid relatively subdued export growth.
On a cumulative basis, the fiscal year from April 2025 to March 2026, total exports declined by 2.33 per cent to E43.22 billion, compared to E44.25 billion in the previous fiscal year. Meanwhile, imports rose by 2.94 per cent to E43.09 billion.
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Sectoral performance reveals shifting dynamics in exports, imports
MBABANE – A deeper look at trade by commodity categories (HS sections) reveals notable shifts in both exports and imports.
On the export side, the largest contributor remained products of chemical or allied industries, which surged by 22.27 per cent year-on-year to E1.78 billion.
This category continues to underpin Eswatini’s export base, likely driven by strong performance in key manufacturing industries.
Vegetable products also recorded significant growth, rising by 86.68 per cent to E52.4 million, while animal or vegetable fats and oils more than doubled, increasing by 100.77 per cent to E33 million.
However, these gains were offset by declines in other major export categories.
Prepared foodstuffs, beverages, and tobacco products – a traditionally strong export segment – fell by 25.47 per cent to E1.07 billion. Mineral products also declined by 20.43 per cent, while textiles and textile articles dipped slightly by 1.77 per cent. The mixed performance across export categories suggests a degree of volatility in global demand as well as potential production constraints in certain sectors. On the import side, machinery and mechanical appliances remained one of the largest categories, increasing by 9.47 per cent to E415.7 million.
This suggests ongoing investment in productive capacity and infrastructure. Vehicle imports also rose significantly by 23.09 per cent to E285.7 million, while textiles imports increased by 22.09 per cent to E255.1 million, reflecting strong domestic consumption and industrial inputs.
Notably, imports of precious metals and stones surged dramatically by over 1 700 per cent, albeit from a low base, indicating possible one-off transactions or shifts in trade composition.
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