TRADE ACCOUNT REGISTERS E440M NEGATIVE TRADE BALANCE

3
TRADE ACCOUNT REGISTERS E440M NEGATIVE TRADE BALANCE
TRADE ACCOUNT REGISTERS E440M NEGATIVE TRADE BALANCE

Africa-Press – Eswatini. In May 2022, government’s trade account registered a negative balance of E440.9 million remaining relatively flat when compared to April 2022.

This is according to a report of recent economic developments released by the Central Bank of Eswatini yesterday.

The report states that exports in the month were valued at E2.341 billion, 25.1 per cent higher month on month compared to April 2022.

“Imports for May 2022 amounted to E2.781 billion, reflective of a 20.3 per cent growth when compared to the previous month. Year on year, exports and imports were 5.4 and 17.5 per cent higher respectively,” the report reads. It mentions that the trade balance in May 2022 was a deficit of E440.9 million compared to a narrower deficit of E147.6 million in May 2021.

According to the report, South Africa remained the country’s major trading partner as 68.7 per cent of output was exported to the destination and 70.6 per cent of imports from the same origin. It is also mentioned that year to date exports as at May 2022 amounted to E11.704 billion, 4.9 per cent higher than exports recorded as at May 2021.

The report explains that imports as at May 2022 were valued at E12.852 billion, 11.2 per cent higher than imports of May 2021. The cumulative trade account balance as at May 2022, registered a deficit of E1.148 billion

It was also reported that the country’s net foreign assets reached E8.9 billion at the end of April 2022, reflecting an expansion of 22.1 per cent month on month and a decline of 20.5 per cent year on year.

“Accounting for the growth were net foreign assets of the official sector which surpassed a fall in net foreign assets of other depository corporations over the review month. Net foreign official assets improved by 33.7 per cent from March 2022, however, over the year fell by 19.7 per cent to close at E6.4 billion at the end of April 2022.

The month-on-month increase emanated from the quarterly inflow of Southern African Customs Union (SACU) receipts received at the beginning of April 2022,” the report states. It further mentions that net foreign assets of other depository corporations amounted to E2.4 billion at the end of April 2022.

It is stated that at this level, net foreign assets of other depository corporations contracted by 0.7 per cent from the previous month and 22.4 per cent over the year.

In special drawing rights (SDR), net foreign assets stood at SDR416.5 million at the end of April 2022, depicting a growth of 15.9 per cent month-on-month and a decrease of 22.3 per cent over the year.

For More News And Analysis About Eswatini Follow Africa-Press

LEAVE A REPLY

Please enter your comment!
Please enter your name here