Trade gap widens in first quarter

The value of total exports declined by Lm7 million and imports rose by another Lm7 million in March, the National Statistics Office said yesterday.

It said total exports slumped to Lm69.5 million from Lm76.5 million in March last year.

While domestic exports declined by Lm4.6 million to Lm63.4 million, re-exports dropped by Lm2.4 million to Lm6.1 million.

Imports in March rose by Lm7 million to Lm107.8 million when compared to the same month last year. While imports of industrial supplies were at last year's level, the importation of capital goods was up by Lm5.9 million to Lm20.2 million. At Lm25.4 million, consumer goods imports were marginally above those in the same month last year. Fuel imports were up by Lm1 million to Lm8.2 million.

Figures for the first quarter of this year show a rise in imports of Lm30.6 million, or 11.1 per cent, to Lm306.8 million compared to the same period last year. That included an increase of Lm17.7 million in imports of industrial supplies, an increase of Lm5.7 million in capital goods, a Lm3.8 million increase in consumer goods and an increase of Lm3.4 million in fuel imports.

During the same period, total exports fell by Lm6.8 million, or 3.1 per cent to Lm210.2 million. On their own, domestic exports were down by Lm6.7 million to Lm181.3 million. At Lm28.9 million, exports were marginally down on last year.

The merchandise trade gap in the first quarter widened by Lm37.4 million to Lm96.6 million.