Africa-Press – Eswatini. Despite a general decline in trade, clothing remains Eswatini’s leading export to the United Kingdom (UK), valued at approximately E24.7 million (£1.3 million) in the four quarters ending December 2023.
According to the most recent UK trade and investment factsheet which provides the latest trade and investment statistics between the UK and Eswatini, total trade between Eswatini and the UK has shrunk considerably.
In the four quarters ending December 2023, it reached E185 million (£8 million), a staggering 68 per cent decrease compared to the same period in 2022.
Both exports and imports have dipped, with UK exports to Eswatini falling by 88.9 per cent and UK imports from Eswatini dropping by 56.3 per cent.
Despite the overall decline, Eswatini’s clothing exports remain a positive contributor.
Clothing is the top exported good to the UK, valued at approximately E24.7 million (£1.3 million) during the period mentioned.
Limited details are available regarding the specific types of clothing exported from Eswatini. However, this data indicates that Eswatini has a competitive advantage in supplying certain garments to the UK market.
Hot on the heels of clothing are vegetables and fruits valued at E22.7 million (£980 000), miscellaneous metal manufactures at E7.6 million (£330 000 sugar E4.4 million (£190 000) and finally medicinal and pharmaceutical products at E2.7 million (£120 000).
“Trade has been affected by the COVID-19 pandemic and the associated lockdown measures globally,” reads the report.
In the four quarters to the end of the fourth 2023, total UK exports to Eswatini amounted to E23.3 million (£1 million)
Total UK imports from Eswatini amounted to E162.5 million (£7 million) in the four quarters to the end of the fourth quarter of 2023.
Eswatini was reported as the UK’s 210th largest trading partner in the four quarters to the end of the fourth quarter of 2023 accounting for less than 0.1 per cent of total UK trade.
“Of all UK exports to Eswatini in the four quarters to the end of Q4 2023, £1 million (almost 100 per cent) were goods and less than E 23.3 million (£1 million) (less than 0.1 per cent) were services,” reads the report.
investment
The outward stock of foreign direct investment (FDI) from the UK in Eswatini were not available due to data disclosure.
Total trade in goods and services (exports plus imports) between the UK and Eswatini was £8 million in the four quarters to the end of the fourth quarter of 2023.
UK reported a total trade deficit of E139.3 million (£6 million) with Eswatini, compared to a trade deficit of E162.5 million (£7 million) in the four quarters to the end of Q4 2022.
balance
In the four quarters to the end of Q4 2023, the UK had a trade in goods balance of less than E23.3 million (£1 million) with Eswatini, compared to a trade in goods deficit of E301.9 million (£13 million) in the four quarters to the end of Q4 2022.
Meanwhile, in the four quarters to the end of Q4 2023 the UK reported a trade in services deficit of £6 million with Eswatini, compared to a trade in services surplus of E139.3 million (£6 million) in the four quarters to the end of Q4 2022.
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