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Goods, services import decline

Goods, services import decline

THE imports of goods and services declined to 9,692.7 million US dollars from 10,204.1 million US dollars in the corresponding period last year with significant decrease reflected in payments of travel, oil, transport equipment, as well as building and construction materials.

The value of goods imported declined to 8,459.3 million US dollars compared to 8,534.3 million US dollars in the corresponding period last year.

Oil imports decreased by 10.8 per cent to 1,484.7 million US dollars owing to a sustained period of low oil prices in the world market.

Oil constituted 17.6 per cent of all goods imports. Nonetheless, on monthly basis, goods import bill increased by more than half to 847.5 million US dollars from 497.4 million US dollars recorded in May last year arising from increase in import value of oil as well as capital and consumer goods.

Services payments amounted to 1,233.4 million US dollars in the year ending May this year, lower than 1,669.7 million US dollars recorded in the corresponding period last year attributable to a decrease in travel payments, stemming from containment measures by other countries in an attempt to limit the spread of Covid-19.

On a month-to-month basis, services payments increased by 52.8 percent to 117.2 million US dollars in May 2021 from 76.7 million US dollars in the corresponding period in 2020, owing to increase in freight payments, which is consistent with the increase in monthly import bill.

The primary income account narrowed to a deficit of 830.1 million US dollars in the year ending May this year from 917.8 million US dollars recorded in the corresponding period last year explained by a decrease in payments abroad.

Month-to-month, the deficit in the primary income account narrowed to 66.0 million US dollars in May this year compared with 74.9 million US dollars in the corresponding period last year.

Secondary income account registered a surplus of 465.0 million US dollars during the year ending May this year higher than a surplus of 429.5 million US dollars in the corresponding period last year stemming from an increase in inflows to the private sector.

A surplus of 40.3 million US dollars was registered in May this year, compared with a surplus of 19.9 million US dollars in the corresponding period last year.

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Author: DAILY NEWS Reporter

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