2023 Forecast: Increase in Trade Deficit Reaching Rs 190 Billion (30% of GDP)

The forecast for 2023 shows an increase in the trade deficit, reaching Rs 190 billion, which is equivalent to 30% of the GDP.

The import bill is expected to be around Rs 300 billion, with a significant portion of Rs 25 billion for cars and Rs 50 billion for petroleum products.

Despite the depreciation of the rupee exchange rate, exports are only estimated to bring in revenues of Rs 110 billion, a modest increase of 3.3% compared to last year.

The latest official bulletin from Statistics Mauritius indicates that imports of petroleum products, textile, and construction materials are expected to decrease in 2023.

However, the import figure includes one-off items, such as equipment for Metro Express Ltd stations.

The import bill for petroleum products for the first nine months of the year was around Rs 35.6 billion, and it is projected to reach Rs 50 billion by the end of the year.

The estimated cost of imported cars and vehicles for the entire year is approximately Rs 25 billion, with new or reconditioned vehicles costing nearly Rs 20 billion from January to September 2023.

Food imports have reached Rs 40 billion, and projections indicate that the bill will exceed Rs 50 billion in 2023.

Notable food imports include fish and fish preserves at Rs 9.2 billion, fruits and vegetables at Rs 4.3 billion, and cigarettes and other derived products at Rs 3 billion.

Source: Defi Media