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Trade Deficit drops to Rs 180.2 Billion



Trade Deficit drops to Rs 180.2 Billion

The trade deficit for the year 2023 stands at Rs 180.2 billion, approximately 3.4% lower than the Rs 186.5 billion deficit recorded in 2022.

In the fourth quarter of 2023, the trade balance was in deficit by Rs 47.7 billion, roughly 3.3% less than the deficit of Rs 49.3 billion in the corresponding quarter in 2022.

In 2023, total exports amounted to Rs 104 billion, a decrease of 1.4% compared to Rs 105.5 billion in 2022. This situation can be explained by a decrease in Manufactured Goods classified chiefly by Material (-13.0%) and Miscellaneous Manufactured Articles (-9.4%), partially offset by an increase in food and animals (+17.2%).

Total imports for the year 2023 amounted to Rs 284.3 billion, a decrease of 2.7% compared to Rs 292.1 billion in 2022. This decrease is primarily due to a decrease in Manufactured Goods classified chiefly by Material (-18.4%) and petroleum products (-12.4%), partially offset by increases in machinery and transportation equipment (+18.4%) and food and animals (+3.4%).

An analysis of exports by destination for the year 2023 shows that European countries were the main buyers, accounting for approximately 43.4% of exports, with a value of Rs 36.4 billion.

The main export destinations were South Africa (10.8%), France (9.5%), the United States (9.4%), the United Kingdom (9.3%), Madagascar (7.3%), and Spain (6.8%). Compared to 2022, exports to South Africa and Madagascar decreased by 18.4% and 17.4% respectively.

In contrast, exports to the United States, France, the United Kingdom, and Spain increased by 18.5%, 10.8%, 9.1%, and 3.8% respectively.

Source: Le Mauricien

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