Significant Trade Deficit Increase Reported for September 2024

According to a recent report from Statistics Mauritius, the trade deficit for September 2024 has surged to Rs 18.8 billion, marking a staggering 47.7% increase compared to September 2023, when the deficit stood at Rs 12.7 billion.

In detail, total exports for the month of September reached Rs 9.8 billion, a 12.8% rise from Rs 8.7 billion in September 2023.

Meanwhile, imports experienced a substantial increase of 33.6%, climbing to Rs 28.7 billion, up from Rs 21.5 billion in the same month last year.

Overall, the total value of trade for September was Rs 38.5 billion, compared to Rs 30.2 billion in September 2023.

The notable 12.8% increase in exports can primarily be attributed to a rise in chemical sales, which grew from Rs 405 million to Rs 460 million, as well as a significant increase in bunkering activities, which soared from Rs 1.5 billion to Rs 2.7 billion.

However, there were declines in certain categories, with exports of manufactured goods classified chiefly by material dropping from Rs 928 million to Rs 806 million.

Similarly, exports of miscellaneous manufactured articles decreased from Rs 2.1 billion to Rs 1.8 billion.

On the import side, the 33.6% increase in September was largely driven by a significant rise in petroleum product imports, which surged from Rs 4.9 billion to Rs 6.1 billion.

Additionally, imports of manufactured goods classified chiefly by material rose from Rs 2.9 billion to Rs 3.9 billion.

The importation of machinery and transport equipment also increased, going from Rs 5.4 billion to Rs 6.7 billion.

There was also a notable rise in imports under the category of food and live animals, which increased from Rs 3.2 billion to Rs 4.9 billion.

In terms of export destinations for September 2024, the United States ranked first at 15.9%, followed by South Africa at 10%, Madagascar at 9.8%, France at 9%, the United Kingdom at 7.6%, and Italy at 4%.

On the import side, China was the leading source at 20.2%, followed by the United Arab Emirates at 17.4%, India at 7.3%, South Africa at 7.2%, France at 6.7%, and Germany at 3.1%.

This significant increase in the trade deficit highlights the ongoing economic challenges facing Mauritius, as the country navigates rising import costs amid fluctuating global market conditions.

Source: Le Mauricien