The trade deficit for 2023 stands at Rs 180.2 billion, about 3.4% lower than the Rs 186.5 billion recorded in 2022. In the fourth quarter of 2023, the trade balance showed a deficit of Rs 47.7 billion, around 3.3% less than the deficit of Rs 49.3 billion in the corresponding quarter of 2022.
In 2023, total exports amount to Rs 104 billion, down 1.4% from Rs 105.5 billion in 2022. This is due to a decrease in Manufactured Goods classified chiefly by Material (-13.0%) and Miscellaneous Manufactured Articles (-9.4%), partially offset by an increase in Food and Livestock (+17.2%).
Total imports for 2023 amounted to Rs 284.3 billion, down 2.7% from Rs 292.1 billion in 2022. This decline is mainly due to a decrease in Manufactured Goods classified chiefly by Material (-18.4%) and petroleum products (-12.4%), partially offset by increases in machinery and transport equipment (+18.4%) and food and animal feed (+3.4%).
An analysis of exports by destination for the year 2023 shows that European countries were the main buyers, accounting for around 43.4% of exports, worth Rs 36.4 billion. The main export destinations were South Africa (10.8%), France (9.5%), the United States (9.4%), the United Kingdom (9.3%), Madagascar (7.3%) and Spain (6.8%). Compared with 2022, exports to South Africa and Madagascar have fallen by 18.4% and 17.4% respectively.
Conversely, exports to the United States, France, the United Kingdom and Spain increased by 18.5%, 10.8%, 9.1% and 3.8% respectively.
