IMPORTS FROM UK DROP BY 50%

MBABANE – The United Kingdom (UK) exports of goods to Eswatini decreased by 50 per cent in 12 months to January 2024 in current prices, compared to the same period the previous year.

According to the trade and investments factsheet provided by the UK Department for Business and Trade published on March 21, 2024, UK imports of goods from Eswatini decreased by 92.3 per cent, in current prices, over the same period. Effects of COVID-19 were cited as some of the reasons for the persistent decline in the exports and imports between Eswatini and the UK. The two countries last reported a trade surplus in 2019.  It was reported that the total trade in goods and services (exports plus imports) between the UK and Eswatini was E191 591 812.72 (£8 million) by the end of the third quarter of 2023 (October – December 2023).

This reflected a decrease of 72.4 per cent or E502 847 100 (£21 million) in current prices from the four quarters to the end of Q3 2022. Of this E191 591 812.72 (£8 million):
* Total UK exports to Eswatini amounted to E95 784 404.96 (£4 million) in the four quarters to the end of Q3 2023 (a decrease of 55.6 per cent or E119 732 200 (£5 million) in current prices, compared to the four quarters to the end of Q3 2022);
* Total UK imports from Eswatini amounted to E95 784 404.96 (£4 million) in the four quarters to the end of Q3 2023 (a decrease of 80 per cent or E383 125 997.12 (£16 million) in current prices, compared to the four quarters to the end of Q3 2022).

Eswatini was the UK’s joint 210th largest trading partner in the four quarters to the end of Q3 2023 accounting for less than 0.1 per cent of total UK trade. This means the UK reported a total trade balance of less than E23 921 320 (£1 million) with Eswatini, compared to a trade deficit of E262 954 309.53 (£11 million) in the four quarters to the end of Q3 2022. In the four quarters to the end of Q3 2023, the UK had a trade in goods deficit of E71 725 593.78 (£3 million) with Eswatini, compared to a trade in goods deficit of £15 million in the four quarters to the end of Q3 2022. Meanwhile, in the four quarters to the end of Q3 2023 the UK reported a trade in services surplus of E71 725 593.78 (£3 million) with Eswatini, compared to a trade in services surplus of E95 639 080 (£4 million) in the four quarters to the end of Q3 2022.

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