Samoa’s imports in December last year exceeded its exports resulting in a trade deficit of $100 million, says a Samoa Bureau of Statistics report. 

The trade deficit was revealed in a S.B.S. report titled “Overseas Merchandise Trade” for the month of December issued recently by the bureau.

“In December 2021, the total value of merchandise imports of $107.3 million exceeded exports of $7.3 million resulting in a trade deficit of $100.0 million,” reads the report. 

According to the report, the total value of merchandise imports rose 15.3 per cent (or $14.2 million) to $107.3 million in December 2021.

“This increase was mainly driven by imports of: mineral fuels, mineral oils and products (up $5.7 million); iron and steel (up $5.1 million); vehicles, parts and accessories (up $0.3 million); mechanical machinery and equipment (up $2.3 million).

“The Oceania region became the leading source market for imports in December 2021, accounting for 47.3 per cent of total imports value and also recorded the largest increase of $12.3 million from the previous month.”

Furthermore, imports from Fiji (up $10.0 million), Singapore (up $3.6 million) and Korea (up $3.4 million) recorded the largest increases in the reviewed month thus reflecting higher imports of cement, petroleum, iron and vehicles parts to mention a few. 

However, in December 2021 the total value of merchandise exports fell by 7.8 per cent (or $0.6 million) to $7.3 million when compared to the preceding month.

This was mainly driven by the decreases of fats and oils (down $0.4 million); fish, crustaceans and molluscs (down $0.4 million); mineral fuels, mineral oils and product (down $1.0 million) and beverages, spirits and vinegar (down $0.3 million).

The America region recorded the largest decreases of $0.5 million and $0.1 million when compared to the previous month and the same month last year respectively.

Exports to USA (down $0.5 million), Taiwan (down $0.7 million) and New Zealand (down $0.4 million) had the largest decreases in December 2021.

“This was due to lower exports of coconut oil, fish, mineral fuels and beer to mention a few.”

According to the bureau, the main source of imports and export 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 Customs and Revenue (Custom Department).