Mauritius’ trims August trade deficit by 34.1% y-on-y to Rs 5 bn upon lower imports
Mauritius trade deficit narrowed in August 2015 by 34.1% on a year-on-year basis upon lower imports of Mineral fuels, lubricants and related materials, whose quantum dropped by 62.6% on a yearly basis; and, on a monthly basis as well, trade deficit narrowed by 35.5 % as Mineral fuels, lubricants and related materials reduced by 51.8 %to hit Rs 1.4 billion.
Mauritius’ trade deficit narrowed in August 2015 by 34.1% to Rs 4.9 billion from a year ago, as the gap between imports to and exports from the island economy reduced, according to data released by Statistics Mauritius.
The month-on-month difference between imports and exports for August 2015 was also lower by 35.5% compared to July 2015.
The reason for the decrease in trade deficit was that imports declined as much as 14.8% to Rs 13.3 billion year-on-year, while exports inched up by 3.0% to Rs 8.4billion.
Compared to the month of August 2014, the main items that contributed to a fall in overseas purchases of goods from a year ago was the category of ‘Mineral fuels, lubricants and related materials`’ whose quantum declined by 62.6 % to Rs 1.4 billion, followed by items in the category ‘Animals and vegetable oils, fats & waxes’, which also declined by 73.1% to hit Rs 66 million.
On the other side, compared to the month of July 2015, imports dampened due to the combined effect of a fall in purchases of Mineral fuels, lubricants and related materials which dipped by 35.5% as well as plunged in purchases of Food and live animals by a towering 4.8%.
Exports, for their part, decreased by 2.5 % in August 2015 compared to the previous month, while inched up by 3.0% compared to August 2014.
The main item that was responsible for the rise in exports was the category of ‘Miscellaneous manufactured articles’, whose overseas sales rose 18.7% from a year ago to reach Rs 3.1 billion, however on a monthly basis this item recorded a decline of 1.7% as it amounted to Rs 3.1billion in the July 2015.
Accordingly, Food and live animals also rose by 12.4% on yearly basis to reach Rs 2.1 billion and on a monthly comparison an increase of 2.1%.
Geography-wise, United Arab Emirates at 14.0%, United Kingdom at 12.6, and France at 12.4% were the major exports destinations for the island economy in August 2015.
On source markets, Mauritius mainly imported from China, which commanded a 18.5% share, with India following at 13.9 %, France 7.1% and Vietnam 6.4%.