Export edge: Mauritius reduces trade deficit 3.9% year-on-year in May
Compared to May 2013, the island economy’s exports rose by 18.1% to Rs 8.26 billion in May 2014, spurred mainly by exports of manufactured goods which rose 9.88% to Rs 2.6 billion. (Image: Investors Business Guide)
Mauritius’ trade deficit came down by 3.9% in May 2014 to Rs 5.15 billion compared to the corresponding month of the previous year, according to data released today by Statistics Mauritius.
This was achieved on the back of a rise in exports by 18.1% to Rs 8.26 billion compared to May 2013.
Besides, exports also rose 6.3% compared to the previous month.
Year-on-year, food and live animal exports increased by 8.9% to Rs 2.30 billion, while exports of miscellaneous manufactured goods rose 9.88% to Rs 2.6 billion and machinery and transport equipment sales rose more than six-fold to hit Rs 912 million.
Also, compared to the previous month, once again, it was exports of food and live animals which spurred the rise, going up by 8.2% from Rs 2.1 billion in April 2014, while miscellaneous manufactured articles followed with an increase of 2.6% from a base of Rs 2.58 billion.
On the imports front, total purchases from overseas declined by 1.6% compared to April 2014, but rose by 8.6% compared to May 2013.
Compared to a year ago, this increase is mainly explained by the rise in machinery and transport equipment imports by 30.76% to Rs 3.44 billion as well as in mineral fuels, lubricants and related materials by 13.69% to Rs 2.28 billion.
Also, imports of chemicals & related products rose by a robust 10.16% to Rs 1.14 billion.
On the other hand, compared to the previous month, imports of food and live animals came down by 8.2% from Rs 2.49 billion in April 2014, while mineral fuels, lubricants and related materials also dived 9.3% from Rs 2.52 billion in the preceding month.
Country wise, Mauritius’ major exports destinations in May 2014 were France, United Kingdom, UAE, and USA with shares of 13.5%, 13.2%, 9.1% and 9.1% respectively.
On the other hand, the island economy’s imports were mainly from India, China, France and South Africa with respective shares of 18.6 %, 18.2%, 9.6% and 6.1%.