Export earnings decline, import expenditure subdued

  • 02-Mar-2023
  • Export earnings decline, import expenditure subdued


Due to a greater reduction in imports than in exports, the deficit in the merchandise trade account decreased from US$857 million in January 2022 to US$410 million in January 2023. In contrast to the deficit of US$358 million recorded in December 2022, the merchandise trade deficit increased in January 2023.

Exports as a whole: Albeit at a slower rate than anticipated, revenue from merchandise exports decreased by 11.3% over January 2022 to reach US$978 million in January 2023, maintaining the moderation seen since September 2022. The compression of industrial exports was apparent, and this reduction was seen across all major sectors. Get Export Import Data

In January 2023 compared to January 2022, export revenues for industrial goods decreased, with apparel accounting for the largest portion of the overall reduction due to weaker demand in the majority of the important markets (the USA, the EU, and the UK). 

Despite increasing bunker prices, earnings from the export of petroleum products decreased as a result of a fall in the export volumes of aviation fuel and bunker. 
Also, despite higher earnings from gems, diamonds, and jewelry as well as machinery and mechanical appliances (primarily, electronic equipment), the pattern of diminishing rubber product exports (primarily, domestic rubber gloves) persisted.

In January 2023, spending on imports of goods stayed at low levels. As a result, import spending decreased by 29.2% (year over year) to US$1,388 million in January 2023, down from US$1,959 million in January 2022 and US$1,426 million in December 2022. Although all sectors' spending decreased, the decrease in spending on intermediate goods was the largest contributor.

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