Samoa records $51.68 million trade deficit
Samoa recorded a trade deficit of $51.68 million in April 2020, with imports of $62.8 million exceeding exports worth $11.1 million.
The figure was revealed by the Samoa Bureau of Statistics this week. According to a report by the Bureau, the total value of merchandise exports increased by 52.3 per cent to $11.1 million.
The current increase in exports was driven by the increase of ‘Food and Live Animal’ up by $4.7 million with ‘Fish, crustaceans and molluscs’ exports up by $2.2 million.
As usual, the Oceania region had the largest share of total merchandise exports value with 58.8 per cent, increasing 23.6 per cent of up to $1.2 million from the previous month.
With Australia becoming the leading export market in April 2020, accounting for 23.7 per cent of up to $2.0 million of total merchandise exports value; reflecting the main increase in exports of machinery & transport equipment valued at $2.8 million while American Samoa recorded the second largest increase of up to $0.7 million from March 2020.
However, the total value of merchandise imports decreased 18.2 per cent to $62.8 million.
The current decrease was mainly led by a decrease of ‘Mineral fuels, lubricants & related materials products’ which was down by $3.2 million.
Furthermore, the ‘Food and Live Animal’ imports was the top commodity group imported during April 2020, representing 32.6 per cent of total merchandise import value.
The Asia region had the largest decrease from the previous month which was down $2.9 million with Singapore as the main driver of the current fall of down by $5.4 million.
While Oceania recorded the second largest share of total merchandise imports value with 36.7 per cent falling 27.8 per cent from March 2020, reflecting lower values of imports from New Zealand to $11.3 million.
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).