Trade deficit hits $148.5 million

Samoa's trade deficit for June 2020 was $148.5 million, with imports of $175.4 million exceeding exports worth $26.9 million.

The figure was revealed in a report issued by the Samoa Bureau of Statistics this week.

According to the report called, “Overseas Merchandise Trade,” the total value of merchandise exports increased by 10.0 per cent to $26.9 million from the previous quarter but 15.9 per cent lower than the corresponding quarter of 2019.

In the June 2020 quarter: fish, crustaceans and molluscs remained the top commodity group exported, valued at $8.5 million or 31.5 per cent of total merchandise exports value.

This value was 31.1 per cent higher from the previous quarter but 1.4 per cent lower than the same quarter 2019.

Exports of electrical machinery and equipment products followed with a total value of $4.7 million or 17.4 per cent of total merchandise exports value, increasing more than three-times from the previous quarter and more than two-fold from the corresponding quarter of 2019.

The value of soaps and polishes export products went up to $3.4 million from the previous quarter, accounting for 12.5 per cent of total merchandise exports value.

However, exports of mineral fuels, mineral oil followed with a total value of $2.3 million or 8.4 per cent of total merchandise exports value, decreasing 68.0 per cent from the previous quarter and 70.2 per cent from the corresponding quarter of 2019.

The value of vegetable exports went up 44.0 per cent to $2.1 million from the previous quarter, accounting for 7.8 per cent of total merchandise exports value. 

In comparison with the corresponding quarter of 2019, the current value of vegetable product exports increased 0.4 per cent.

The value of beverage, spirits and vinegar exports declined 26.7 per cent to $0.8 million from the previous quarter, accounting for 3.1 per cent of total merchandise exports value. 

In comparison with the corresponding quarter of 2019, the current value of beverage, spirit and vinegar decreased 43.9 per cent.

All ‘other export commodities’ contributed less than a 3.0 percent share each to total merchandise exports value having a combined total of $5.2 million. 

Furthermore, in the June 2020 quarter, merchandise imports were valued at $175.4 million. This value was 15.0 per cent and 31.4 per cent lower than the previous quarter and the same quarter of 2019 respectively. 

Mineral fuels, mineral oils and products remained the top commodity groups imported in the June 2020 quarter, valued at $21.0 million or 19.7 per cent of total merchandise imports value. This value was 48.3 per cent and 40.8 per cent lower than the previous quarter and the corresponding quarter of 2019 respectively.

Imports of meat and edible meat offal decreased 5.4 per cent from the previous quarter valued at $14.9 million or 8.5 per cent of total merchandise import value.

When compared with the same quarter of 2019 imported meat fell 14.9 per cent to $17.5 million. 

Imports of mechanical machinery and equipment were valued at $11.6 million or 6.6 per cent of total merchandise imports value, decreasing 5.1 per cent from the previous quarter and 20.7 per cent from the corresponding quarter of 2019.

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