MBABANE – A sharp decline in sugar exports during May 2026 significantly reduced Eswatini’s trade surplus, highlighting the continued vulnerability of the country’s external sector to fluctuations in key export commodities.
According to the Central Bank of Eswatini’s latest Recent Economic Developments Report covering April and May 2026, exports of sugar and sugar products fell by a substantial 39.6 per cent month-on-month to E688.9 million in May, down from approximately E1.1 billion recorded in April.
The Central Bank attributed the decline largely to base effects arising from exceptionally high sugar exports in April, when a major consignment destined for the European Union (EU) market was shipped.
The contraction in sugar exports played a major role in reducing Eswatini’s overall trade surplus to E78.4 million in May 2026, a dramatic decline from the E793.8 million surplus recorded in April.
The report notes that the narrower trade balance was primarily driven by falling exports coupled with a significant rise in imports during the month under review.
“Exports declined by 2.3 per cent month-on-month to E3.6 billion, as sugar exports were lower in the month under review,” the Central Bank stated.
Despite the monthly decline, exports remained resilient on an annual basis. Total exports were 19.2 per cent higher than in May 2025, supported by strong growth in soft drink concentrates and textile exports.
The figures highlight the critical role that sugar continues to play in Eswatini’s export basket and the extent to which movements within the industry can influence national trade performance.
While the month-on-month decline was largely attributed to the timing of exports, the sugar industry also experienced pressure from weakening demand in one of its key markets.
On a year-on-year basis, sugar and sugar product exports declined by 7.6 per cent, reflecting softer demand from South Africa, which remains Eswatini’s largest trading partner.
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