$66.4 trade deficit reflects drop in exports

By Adel Fruean 23 October 2020, 1:00PM

Samoa's trade deficit for August 2020 stands at $66.4 million, with imports of $73.9 million exceeding exports worth $7.5 million.

The figure was revealed in the “Overseas Merchandise Trade” report issued by the Samoa Bureau of Statistics this week, highlighting a steep decline in exports not just for Samoa but other Pacific countries.

According to the report, the total value of merchandise exports decreased by 34.3 per cent to $7.5 million. The monthly decrease was due to reduction of ‘fish, crustaceans and molluscs’ down by $2.7 million, ‘vegetables down to $0.2 million, ‘Electrical machinery and equipment down by $0.03 million.

Furthermore, the Oceania region reported the largest fall in exports which were down by $2.3 million as reflected by the significant decrease in exports to American Samoa down by $2.3 million and New Zealand down by $0.6 million.

In addition, Asia recorded a significant decrease of $1.5 million with Japan the main driver of the current reduction down $0.8 million reflecting the absence of fish shipment during the month.

Despite the decrease in the value of exports during the month, American Samoa remained the top export market with a total share of 38.0 per cent.

The total value of merchandise imports increased 7.2 per cent to $73.9 million.

This increase was mainly due to imports by main commodity: ‘Mineral fuels, mineral oils and products increased by $9.6 million, ‘Vehicles, parts and accessories went up by $1.3 million, ‘Mechanical machinery and equipment up $0.58 million and ‘Meat and edible meat offal was up by $0.56 million.

The imports from Europe region increased to $0.7 million with Germany the main driver of the current increase of $0.8 million reflecting the importation of stainless-steel products during the month. 

According to the Bureau, the main source of imports and exports data comes from the administrative document; a completed customs form (Single Administrative data-SAD) 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).

By Adel Fruean 23 October 2020, 1:00PM

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