Import prices fall in June quarter
The price of importing goods into Samoa for the June 2020 quarter fell by 2.1 per cent on a quarterly basis, new import index figures show.
(An import price index is a measure of the changes in the price of importing merchandise into the country).
The findings were revealed in a recent report issued by the Samoa Bureau of Statistics which measures changes in the cost, insurance, and freight of importing merchandise into Samoa.
The decrease was mainly driven by reductions of 10.4 per cent and 4.8 per cent in animal and mineral products respectively.
The fats and oil index increased 0.1 per cent and vegetable products were up by 2 per cent, while the Food and Beverage Index recorded the largest increase up 8.9 per cent.
In comparison with the June 2019 quarter, or a year-on-year basis, the current quarter price index decreased by 7.6 per cent.
The import price index for live animal products in the second quarter fell 10.4 per cent, following a 7.1 per cent rise in the previous quarter.
The decrease reflects lower prices of imported meat products, which have fallen by 14.1 per cent. The price of meat has been mainly influenced by the lower price of poultry meat down, which is down by 16.5 per cent; sheep meat has dropped by 0.3 per cent.
The price of imported dairy also declined by 1.2 per cent, driven by lower prices for cheese, which was down by 9.4 per cent; powdered milk, which fell 2.9 per cent, and butter down 2.7 per cent. When compared to the June 2019 quarter, the current live animals and animal products index was 8.5 per cent lower.
Import prices for vegetable products in the quarter increased 2 per cent. The current increases were mainly influenced by the higher import prices of vegetables, which were up by 4.8 per cent, and rice which grew by 4.2 per cent.
Milled products recorded a 2.3 per cent decline when compared to the March 2020 quarter.
In comparison with the corresponding quarter in 2019, current prices for imported vegetable products index decreased by 1.4 per cent.
Animals or vegetable fats and oil import prices rose by 0.1 percent in the June 2020 quarter, following a 2.8 per cent rise in the previous quarter.
The current increase was influenced by higher prices of sunflower oil, which rose 11 per cent; and vegetable oil, which was up 6.8 per cent. The prices of margarine decreased on a quarterly basis by some 19.9 per cent. When compared with the June 2019 quarter, the current animal or vegetable fats and oil index fell 0.2 per cent.
For the June 2020 quarter, food and beverage import prices rose 8.9 per cent on a quarterly basis. The current increase was influenced by higher prices of canned meats, which were up by 17.7 per cent; sugar which was up 4.3 per cent; and cereal which rose 3.8 per cent. In comparison with the corresponding quarter of 2019, the current food and beverage index rose 2 per cent.
The import Price for mineral products fell by 4.8 per cent in the June 2020 quarter, following a 1.8 per cent fall in the previous quarter.
The current decline was influenced by lower prices of petroleum gases by 24.4 per cent and oils by 3.4 per cent. When compared to the June 2019 quarter the current mineral products index reduced by some 14.5 per cent.