Samoa records $57.6 million trade deficit
Samoa recorded a trade deficit of $57.6 million in November last year, with imports of $63.5 million exceeding exports worth $5.9 million.
A report issued by the Samoa Bureau of Statistics this week revealed the disparity.
The report called, “Overseas Merchandise Trade,” the total value of merchandise exports decreased by 31.8 per cent or $2.7 million to $5.9 million in the month.
The value of fish, crustaceans and molluscs exports was down $2 million; mineral fuels, mineral oils and products dropped $0.19 million; beverages, spirits and vinegar decreased by $0.21 million; electrical machinery and equipment fell $0.02 million, while fruits and nuts down $0.06 million.
Exports to American Samoa also decreased by $2 million; those to Australia fell $0.27 million which reflected reductions in fish, taro, beer and nonu juice exports.
Despite the decline, American Samoa remained the leading destination for Samoa’s exports and represented a total share of 36.1 per cent of total merchandise exports by value.
The total value of merchandise imports fell 29.8 per cent or $27 million to $63.5 million in November 2020.
Meat and edible meat offal imports declined by $1.8 million; wood and wood products dropped by $1.9 million; mineral fuels, mineral oils and products were down by $11.1 million; and pharmaceutical products fell $11.3 million.
The largest decrease was from the Asian increase, from which imports fell by $13.87 million. Singapore was the chief component of the decline and fell by $11.48 million reflecting a reduction in petroleum imports.
The Bureau said the main source of import and export data came from the administrative document, a completed customs form filled in by importers and exporters or customs agents when clearing merchandise into or out of the country.