Samoa exports drop by $2.4m
Samoa’s export earnings fell by $2.4 million in May this year.
This was the result of lower gains from re-exports and domestic exports of fresh fish, spring water, talo, jandals, cocoa, salt beef and vegetables. The figure is revealed in the latest Economic Performance report from the Central Bank of Samoa for the month of May. The drop in export revenue led to an expansion of the merchandise trade deficit. Here is the report in full:
Overview In May 2012, commercial banks’ total liquidity improved 10 percent to $100.6 million reflecting increased commercial banks’ holding of excess reserves. Similarly, an expansion in net foreign assets saw money supply grow 2 percent to $695.7 million.
The official weighted average interest rate, on the other hand, rose 2 basis points to 0.19 percent with the nominal value of the Samoan Tala depreciating by 0.02 percent reflecting the strengthening of the US dollar against the tala in the month under review.
On the external sector, a drop in export revenues and increased import payments led to an expansion in Samoa’s merchandise trade deficit. Tourism earnings and private remittances were significantly higher, due to the large influx of expatriate Samoans leading up to the 50th Independence anniversary celebrations on the first week of June 2012.