Mauritius’ May trade deficit up 39.9% y-on-y to Rs 7.5 bn as imports rise outstrips exports
Mauritius trade deficit rose in May 2015 by 39.9% on a year-on-year basis as imports zoomed up on rising expenditure over machinery and transport items, whose quantum rose a whopping 51.6% on a yearly basis; and, on a monthly basis as well, trade deficit widened by 21.1% with Machinery and transport equipment rising by 36.4%to hit Rs 5.3 billion.
Mauritius’ trade deficit widened in May 2015 by 39.9% to Rs 7.5 billion from a year ago, as the gap between imports to and exports from the island economy increased faster than ever, according to data released by Statistics Mauritius.
The month-on-month difference between imports and exports for May 2015 was also higher by 21.1% compared to April 2015.
The reason for the increase in trade deficit was that imports climbed a much steeper 16.4% to Rs 15.7 billion year-on-year, while exports inched up by just 0.8% to Rs 8.1billion.
Compared to the month of May 2014, the main items that contributed to a rise in overseas purchases of goods from a year ago was the category of‘Machinery and transport equipment’whose quantum rose a whopping 51.6% to Rs 5.3 billion, followed by items in the category ‘Food and live animals’, which also rose 12.4% to hit Rs 2.6 billion.
On the other side, compared to the month of April 2015, imports grew higher due to the combined effect of a rise in purchases of machinery and transport equipment which edged higher by 36.4% as well as a spike in purchases ofbeverages and tobacco by a towering 83.6%.
Exports, for their part, increased by 6.4% in May 2015 compared to the previous month, and by 16.4% compared to May 2014.
The main item that was responsible for the rise in exports was the category of ‘Miscellaneous manufactured articles’, whose overseas sales rose 12.6% from a year ago to reach a record high of Rs 2.9 billion.
Accordingly, machinery and transport equipment also rose by 31.1% on yearly basis to reach Rs 1.2 billion.
Geography-wise, United Kingdom at 15.0%, United Arab Emirates at 12.2%, and France at 9.9% were the major exports destinations for the island economy in May 2015.
On source markets, Mauritius mainly imported from India, which commanded a 28.4% share, with China following at 15.8%, France at 6.4% and South Africa 6.3%.