Covid-19: Imports fall by almost a quarter, exports by a third in Q2

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Covid-19: Imports fall by almost a quarter, exports by a third in Q2

4:02 CAT | 21 Sep 2020

File photo: Lusa

The Covid-19-related slowdown in Mozambique’s foreign trade showed exports losing a third by volume and imports almost a quarter in the second quarter of the year, the National Statistics Institute (INE) has announced.

“Exports and imports decreased by around 33.2% and 23.1% respectively compared to the same quarter of 2019,” the INE’s most recent summary of the economic situation, consulted today by Lusa, reads.

According to INE’s provisional data on foreign trade, “in the second quarter of 2020, the deficit in the trade balance of goods stood at around US$660.8 million (€560 million)”.

The period under review coincides with the outbreak of the Covid-19 pandemic and the entry into force in Mozambique of a state of emergency to try to prevent the spread of the new coronavirus.

INE graphs show exports, which were already exhibiting a customary seasonal decline in late 2019, sinking to levels of four years ago, while imports dropped to a three-year low.

The list of main export products remains unchanged: aluminium bars and profiles (29.0%), mineral coal (hard coal) (19.0%), electricity (13.7%), natural gas (8.9%) and heavy sands (6.3%).

The volume of exports stood at around US$735.1 million (€623 million).

Imports show a similar trend: machinery (16.5%), cereals (9.4%) and diesel (7.4%), with a volume of imports of US$1.4 million (around €1.2 million).

Preeminent second quarter export destinations were India (31.1%), China (28.2%), the United Arab Emirates (9%) and South Africa (8.5%).

Mozambique’s foreign suppliers feature South Africa (26.4%), India (12.4%) and China (8.8%) among the most prominent.

By Sunday, Mozambique had reported a total of 43 Covid-19 deaths and an accumulated total of 6,771 confirmed cases, with 3,622 recoveries (53.5%).

Source: Lusa