VEHICLE IMPORTS DOWN 5.5%

MBABANE - Vehicles imported in June 2024 were valued at E141.5 million which was a 5.5 per cent drop compared to May 2024 and increased by 9.3 per cent compared to June 2023.

This is according to the Recent Economic Development (RED) report for May/June 2024 issued by the Central Bank of Eswatini (CBE) yesterday.The vehicle imports formed part of the leading imports in June 2024. The CBE reported that other leading commodities included energy products imports, which comprised of electricity and fuel imports amounting to E552.3 million, recording a fall of 5.0 per cent month-on-month and 5.0 per cent lower, year-on-year.

Imports of animal and vegetable products totalled E272.5 million in the month, which was lower on a month-on-month basis by 16.0 per cent and higher year-on-year by 5.2 per cent. Additionally, machinery and electrical equipment imports registered E304.0 million in the month, growing by 10.9 per cent month-on-month and posting a 6.1 per cent increase year-on-year. The imports of textile and textile apparel totalled E209.9 million in June 2024, reflecting an increase of 3.4 per cent month-on-month and a decrease of 19.4 per cent year-on-year. 

 performed

Meanwhile, Eswatini’s main export commodities, which account for 83.1 per cent of total exports for June 2024, performed as follows; soft drink concentrate exports were reported to be E1.299 billion in the month and were lower month-on-month by 2.0 per cent, yet higher year-on-year by 18.7 per cent.
Exports of sugar and sugar products fell on a month-on-month basis by 35.1 per cent and by 7.2 per cent year-on-year, to total E586.8 million. The significant decline was due to month-on-month base effects, given a hike in May figures as a result of larger quantities of sugar exported to the UK in May 2024.
Whereas, textile and textile apparel exports, which were E284.0 million in the month increased by 23.8 per cent month-on-month and fell by 8.8 per cent year-on-year. Finally, exports of wood and wood articles, which were valued at E252.0 million in June 2024 rose by 9.8 per cent when compared to the preceding month and increased by 19.5 per cent when compared to the same period in 2023.
Overall, in June 2024, the country recorded a trade surplus of E90.4 million, compared to a surplus of E239.4 million in the preceding month. Exports were down in the month, totalling E2.915 billion compared to E3.265 billion in May 2024, indicating an increase of 5.7 per cent, year-on-year.
decreased
Imports decreased in the month amounting to E2.825 billion from E3.026 billion in the preceding month, 3.5 per cent lower, year-on-year. The seasonally adjusted trade balance for June 2024 was E387.8 million, where seasonally adjusted exports amounted to E3.333 billion and seasonally adjusted imports were at E2.945 billion.  The country posted a wider trade surplus of E1.103 billion for the months from January leading up to June 2024, compared to a positive trade balance of E463.9 million for the same period in 2023. Cumulative exports were E18.956 billion as at June 2024 compared to E16.595 billion in June 2023.  
Accounting for the growth was a 24.8 per cent increase in soft drink concentrate exports in the first half of 2024 when compared to 2023 figures. Imports also increased in the first half of 2024 amounting to E17.853 billion, compared to E16.132 billion for the same period in 2023. Growth was recorded in imports of animal and vegetable products, machinery and electrical equipment and vehicles in the first half of 2024.  
South Africa remains the country’s major trading partner receiving 66.8 per cent of exports and 68.3 per cent of imports originating from there. Other markets include the Kenyan, Nigerian and Mozambican markets which absorbed 14 per cent of total exports. China, India and Mauritius were the origin of about 16 per cent of imports.

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