Mauritius’ trade deficit reduces by 3.4% year-on-year to Rs 5.3 bn in March as exports rise
The major reason for the hike in exports for March 2015 was the rising contribution of machinery and transport items which saw overseas sales rise a whopping six-fold to Rs 1.9 billion from Rs 324 million a year ago, followed by food and live animal exports which also grew 4.5% to hit Rs 2.4 billion over March 2014. (Image: comexfi.com)
Mauritius’ trade deficit narrowed in March 2015 by 3.4% to Rs 5.3 billion from a year ago, as the gap between imports to and exports from the island economy came down in the final month of the first quarter, according to data released by Statistics Mauritius.
Additionally, the month-on-month difference between imports and exports for March 2015was also lower by 6.6% compared to February 2015.
The reason for the decline in trade deficit was that exports climbed a much steeper 18.3% to Rs 8.9 billion year-on-year, while imports inched up by just 9.2 % to Rs 13.0 billion.
Compared to the month of March 2014, the main items that contributed to a rise in overseas sales of goods from a year-ago were machinery and transport items, whose quantum rose a whopping 497.8% to Rs 1.9 billion, followed by manufactured goods classified chiefly by material, which also grew 26.6% to hit Rs 851 million. The third main constituent of imports was food and live animals, which also showed an increase of 4.6% to reach Rs 2.4 billion.
Next, compared to the month of February 2015,exports climbed up, albeit more steeply, due to the combined effect of a rise in machinery and transport equipment, which rose a towering 40.4% as well as a substantial increase in food and live animal exports which rose by a whopping 30.2% on a month-on-month basis.
On the other hand, a drop of 53.2% was seen in the exports of beverages and tobacco to hit Rs 29 million.
Imports, for their part, increased by 10.2% in March 2015 compared to the previous month and by 9.2% compared to March 2014.
The main item that was responsible for the rise in imports was the category of machinery and transport equipment, whose overseas purchases rose 99.4% from a year ago to hit a high of Rs 4.4 billion.
On the positive side, imports of mineral fuels, lubricants and related materials decreased by 49.3% over the year-ago period, to bring outbound buying by the island economydown to Rs 1.8 billion for March 2015.
Geography-wise, United Arab Emirates at 22.5%, United Kingdom with 12.4%, USA at 8.6% and France at 7.9% were the major exports destinations for the island economy in March 2015.
On source markets, Mauritius mainly imported from China, which commanded a 20.4% share, with India following at 13.0%, South Africa at 7.2% and France at 5.5%.