Trade surplus shrinks as exports decline slightly

MBABANE – Eswatini maintained a positive merchandise trade balance in March 2026.

However, the country’s overall export earnings continued to face pressure as weaker performance in some of its major export sectors offset gains recorded in regional trade and manufacturing exports.

According to the latest merchandise trade statistics released by the Eswatini Revenue Service (ERS), the country recorded exports worth E3.82 billion during March 2026, representing a marginal year-on-year decline of 0.66 per cent from E3.84 billion recorded during the same period in 2025.

Imports increased by 1.95 per cent to E3.27 billion from E3.21 billion recorded previously.

This resulted in a trade surplus of E541.1 million for March 2026, down from the E628.8 million surplus recorded during the same month last year.

The figures show that although Eswatini continued to export more goods than it imported, the country’s external trade environment remains under pressure from shifting global demand patterns, slower export performance in some industrial sectors and changing regional trade dynamics.

The cumulative fiscal year figures covering the period from April 2025 to March 2026 further reflect this trend. Total exports during the fiscal year amounted to E43.22 billion, down 2.33 per cent from E44.25 billion recorded during the previous fiscal year. Imports, however, rose by 2.94 per cent to E43.09 billion.

As a result, the cumulative trade surplus narrowed significantly to E129.5 million from E2.39 billion recorded during the previous fiscal year, highlighting growing pressure on the country’s trade position.

Trade within the Southern African Customs Union (SACU) remained the backbone of Eswatini’s external trade performance during the month under review.

Exports to SACU countries rose strongly by 12.04 per cent to E2.96 billion in March 2026 from E2.64 billion during the same month last year. Imports from SACU, meanwhile, declined by 5.32 per cent to E2.26 billion from E2.39 billion previously.

This left Eswatini with a SACU trade surplus of E696.6 million for March 2026, compared to a surplus of E251.5 million recorded during the same month in 2025.

*Full article available on Pressreader*