Trade deficit widens by $51.3 million
Samoa recorded a trade deficit of $51.3 million in June 2020, with imports of $59.2 million exceeding $7.9 million worth of exports.
The figure was revealed by the Samoa Bureau of Statistics this week.
According to a report by the Bureau, the total value of merchandise imports increased by 11.0 per cent to $59.2 million.
The current increase in imports was led by an increase of ‘Machinery and Transport Equipment’ up by $3.7 million.
As usual, the Oceania region had the largest share of total imports value with $35.2 million and also had the largest increase from the previous month up by $6.2 million.
With New Zealand the main driver of the current increase up by $7.8 million as it remained the leading country for imports, accounting for 38.7 per cent of total imports value.
However, the total value of merchandise exports decreased 0.5 per cent to $7.9 million.
Mineral fuels’, Lubricants and Related Materials’ fell 30.3 per cent down by $0.2 million accounting for 6.8 per cent of total merchandise exports value.
This decline was influenced by the continued travel restrictions.
The ‘Food and Live animals’ had the largest share of all commodity groups exported in June 2020, accounting for 47.6 per cent of total merchandise exports value.
The Oceania had the largest share of total merchandise exports value with 79.4 per cent, decreasing 2.9 per cent ($0.2 million) from the previous month.
The exports to New Zealand is up by $0.4 million and American Samoa was up by $0.1 million which recorded the largest increases in June 2020.
According to the Bureau, the main source of imports and exports data comes from the administrative document; a completed customs form (Single Administrative data-S.A.D.) which is required to be filled in by importers and exporters or customs agents when clearing merchandise inward and outward through the Ministry for Revenue (Custom Department).