Africa-Press – Eswatini. In February 2022, the country recorded a merchandise trade surplus of E27.7 million, a slight turnaround from a deficit of E3.0 million posted in January of the same year. Governor of the Central Bank of Eswatini (CBE) Majozi Sithole disclosed that exports amounted to E2.657 billion, an 11.6 per cent month-on-month increase, however, on a year-on-year basis, exports expanded by larger 22.9 per cent.
Sithole explained that imports also exhibited meaningful growth of 10.3 per cent to settle at E2.629 billion in February 2022. When observed on year-on-year basis, Sithole reported that imports increased by 28 per cent. It should be mentioned that South Africa remains the major trading partner for Eswatini, with 68.5 per cent of exports destined for that market and 67.7 per cent of imports originating from the same market in February 2022.
Total exports to date amounted to E5.039 billion, 19.8 per cent higher than the same period last year. Year-to-date imports for the first two months were valued at E5.014 billion, 9.4 per cent higher than the first two months of 2021.
“The trade balance for the first two months of 2022 is currently a surplus of E24.7 million,” Sithole disclosed.
An analysis into February 2022 trade revealed that the country’s export earnings continued to be dominated by ‘soft drink concentrates’, accounting for 40.8 per cent of all exports but falling by 13.4 per cent month-on-month to E1.085 billion. ‘Sugar and sugar confectionary’, on the other hand, soared compared to the previous month by 52.1 per cent to E648.6 million and higher by 35.0 per cent year-on-year.
‘Wood and articles of wood’ recorded subdued growth of 2.5 per cent month-on-month to E174.0 million, while exports of ‘textile and wearing apparel’ amounted to E256.2 million, a notable growth of 36.7 per cent year-on-year. Eswatini’s imports continued to be diverse in nature with only a few dominating products, with the main being ‘mineral fuel’, which includes energy products such as fuel and electricity.
Commodity
Imports of this commodity amounted to E352.4 million, reflecting a decrease of 3.4 per cent month-on-month and an increase of 53.6 per cent year-on-year. Sithole went on to explain that an increase in economic activity and more importantly the upward pressure on crude oil prices in recent months accounted for the movements in imports.
The import of textile and textile inputs amounted to E275.8 million, displaying a relatively flat growth from E273.2 million in the previous month. Imports of ‘machinery and electrical equipment’, another significant import product line, increased by 25.9 per cent to E310.8 million in February.
‘Vehicles other than rail’ also increased in the month to E136.4 million, a 36.1 per cent month-on month increase, and rose by 19.9 per cent higher year-on-year. Lastly, food imports in terms of ‘animal and vegetable products’ combined amounted to E205.4 million, 12.4 per cent lower than the food imports of the previous month.
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