Mauritius’ Exports Decline and Textile Sector Contracts by 15.8% over 9 Months

Mauritius’ exports have declined over the past nine months, with the textile sector experiencing a significant contraction of 15.8%.

Despite efforts by manufacturing companies to secure orders, the sluggish global economic climate has led to stagnating exports, particularly in textiles and clothing.

Minister Sunil Bholah expects a return to normalcy in around nine to ten months, as Mauritius heavily relies on the economic situation in its main trading partners.

The International Monetary Fund predicts global growth to reach 3.0% in 2023, lower than the 3.5% in 2022, with ongoing crises like the Ukrainian conflict and the Israeli-Palestinian conflict negatively impacting global growth.

Major export markets, including South Africa, the UK, and the eurozone, are expected to experience sluggish growth.

Despite facing difficulties, other sectors like fish and fish preparations and medical devices have seen increases in exports.

South Africa remains Mauritius’ primary export market, followed by the UK, the US, and France.

The Economic Development Board continues its promotion campaigns, and the Ministry of Industrial Development plans to launch an Energy Efficiency Audit Scheme to improve energy consumption in the manufacturing sector.

The government has implemented various assistance plans, disbursing a total of Rs 1.6 billion to support industrialists and promote competitiveness in the export sector.

Minister Bholah is confident that the Africa Growth and Opportunity Act will be renewed.

Source: Le Mauricien