Times Of Swaziland: EXPORT INCOME DOWN TO E28BN

EXPORT INCOME DOWN TO E28BN
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BY ASHMOND NZIMA on 13/01/2021 23:48:00


MBABANE - The country’s export income for the past year fell slightly to
E28.349 billion.
This is 1.2 per cent lower than export sales for 2019. This is per figures from
the Central Bank of Eswatini (CBE).
According to the report, the annual import bill for 2020 amounted to E24.399
billion, depicting a marginal decline of 3.0 per cent relative to the previous
year. Accordingly, the merchandise trade account registered an annual surplus of
E3.949 billion in 2020. This depicted a great degree of resilience within the
goods account, given the COVID-19 depression, which adversely affected the
second quarter.
Meanwhile, in the past month, the merchandise trade account recorded a marginal
deficit amounting to E629 000, as export and import figures almost matched in
December 2020. Export receipts amounted to E2.4055 billion. The import bill
amounted to E2.4062 billion, depicting a month-on-month decline of 20.2 per cent
and 1.8 per cent for exports and imports respectively. Year-on-year, export
sales decreased by 10.3 per cent, while the import bill increased by 17.2 per
cent. Exports to the South African market , on the other hand, made up 63.9 per
cent of the total base, while imports from the same market consisted 72.6 per
cent of the total bill.
A closer look at exports for December 2020, indicated that all major baskets
declined significantly, month-on-month, this being synonymous with the annual
trend of lower production at the end of each year. ‘Soft drink concentrates’
registered a month-on-month decline of 15.9 per cent to E1.370 billion and a
22.8 per cent decrease on a year-on-year basis.
declining
Sugar and product sales declined significantly by 26.4 per cent to E367.8
million month-on-month, while declining marginally by 1.8 per cent year-on-year.
Wood-and-wood articles’ plunged by 26.3 per cent to E118.6 million
month-on-month, despite increasing significantly by 26.2 per cent on a
year-on-year basis, in line with the COVID-19 induced unusual demand for tissue.
Textile exports plummeted by 40.1 per cent month-on-month, to E245.5 million, on
the other hand, increasing by 26.7 per cent on a year-on-year basis. An analysis
of the country’s import bill for December 2020 indicated that fuel and
electrical energy increased by 4.0 per cent month-on-month to E319.2 million,
while declining by 13.9 per cent year-on-year.
Textile inputs increased by 2.7 per cent month-on-month to E232.5 million,
meanwhile increasing by 48.7 per cent year-on-year.  Vehicle and other transport
services declined by 2.9 per cent when compared to the previous month, despite
surging by 17.9 per cent on a year-on-year basis. ‘Machinery and electrical
equipment’ decreased by 7.9 per cent month-on-month to E231.8 million, while
increasing by 4.8 per cent year-on-year.