3 - 9 February 2000

Trade gap increases in 1999

by a staff reporter

The trade gap totalled Lm345.1 million last year, an increase of Lm22.2 million over that registered in 1998. There was an overall increase of Lm101.3 million in the import bill while total exports saw an increase of Lm79.1 more than in 1998, according to statistics released by the Central Office of Statistics yesterday.

Imports during 1999 reached an all-time high of Lm1,136.2 million with the industrial supplies category accounting for half of the increase of Lm101.3 million. Consumer goods imports were valued at Lm262.3 million or 9.9 per cent more than last year while capital goods at Lm168.2 million were up by Lm8.6 million on the previous year, imports of fuel and other lubricants registered a rise of Lm19.4 million on 1998, the COS said.

Total exports were valued at Lm791.1 million, an increase of Lm79.1 million or 11 per cent on the previous year. While domestic exports went up by Lm47.6 million, re-exports increased by Lm31.5 million on 1998.

During the last month of 1999, total imports registered a substantial increase of Lm24.9 million or 29.5 per cent when compared to the same year-ago month. Most of this increase occurred in the industrial supplies category which from Lm49.4 million in December 1998 rose to Lm63.2 million in 1999.

This increase occurred within the machinery and transport equipment category and imports of mineral fuel and lubricants were also valued Lm6.6 million more than during the comparable year-ago period.

There was also a marked rise of 34.2 per cent in total exports which from Lm52.7 million increased to Lm70.7 million in absolute terms. The highest increase was recorded in domestic exports which went up by Lm12.8 million or 25.3 per cent.

On the other hand, re-exports nearly trebled and stood at Lm7.4 million in December 1999 against Lm2.2 million in the previous year. This was mainly the combined result of more sales of bunker fuel and higher unit prices.