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Mauritius’ trade deficit widens 22.1% in May

22 July 2016 Comments (0) Africa, Business, Latest Updates from Reuters

PORT LOUIS (Reuters) – Mauritius said on Friday its trade deficit widened 22.1 percent to 6.91 billion rupees ($195.47 million) in May from the same period a year earlier, hit by a dip in exports of machinery and transport equipment.

The Indian Ocean island nation’s earnings from exports fell 6.5 percent from a year before to 7.46 billion rupees in May, the government’s statistics office said in a statement. The United States was the main destination for Mauritius’s exports, followed by France and Britain.

Foreign sales of machinery and transport equipment declined to 687 million rupees in May from 1.19 billion rupees in the same period last year.

Total imports rose 5.4 percent from a year before to 14.37 billion rupees in May. Some 20.3 percent of imports in the period came from China.

 

($1 = 35.3500 Mauritius rupees)

 

(Reporting by Jean Paul Arouff; Editing by Elias Biryabarema and Catherine Evans)

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South Africa’s trade balance swings to 2.92 bil rand surplus in March

29 April 2016 Comments (0) Africa, Business, Latest Updates from Reuters

JOHANNESBURG (Reuters) – South Africa’s trade balance swung to a 2.92 billion rand ($206.10 million) surplus in March from a revised 1.27 billion rand deficit in February, the national revenue agency said on Friday.

Exports were up by 6.3 percent to 96.13 billion rand on a month-on-month basis, while imports rose by 1.6 percent to 93.22 billion rand on a month-on-month basis, the South African Revenue Service said in a statement.

($1 = 14.1678 rand)

 

(Reporting by Mfuneko Toyana; Editing by James Macharia)

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Morocco Jan-Feb trade deficit rises 10.1%

16 March 2016 Comments (0) Business, Latest Updates from Reuters, Middle East

RABAT (Reuters) – Morocco’s trade deficit rose 10.1 percent to 21.16 billion dirhams ($2.17 billion) in the first two months of 2016 compared with a year earlier, due to higher imports, the foreign exchange regulator said on Wednesday.

The trade gap was up from 19.23 billion dirhams at the end of February 2015, as equipment imports rose 14.4 percent to 15 billion dirhams, data showed. Wheat imports jumped 44.2 percent from a year earlier to 2.35 billion dirhams as harsh weather hit the local harvest this year.

It is the first time the deficit has risen in more than 18 months as the North African kingdom has been taking advantage of lower energy prices. Morocco is a net energy importer.

Energy imports fell 21.1 percent to 7.1 billion dirhams, it said.

Total exports rose 1.2 percent from a year earlier to 36.3 billion dirhams, led by an 10 percent rise in auto exports. Phosphate sales fell 8.3 percent to 5 billion dirhams.

Tourism receipts rise slightly by 1.1 percent, while remittances from the 4.5 million Moroccans living abroad were flat at 9.4 billion dirhams. Foreign direct investment rose 6.2 percent to 5.36 billion dirhams.

 

Figures are in billions of dirhams:

 

Jan-Fev Jan-Fev Jan

2016 2015 2016

 

EXPORTS 36.29 35.85 18.32

IMPORTS 57.45 55.08 25.68

BALANCE -21.16 -19.23 -7.36

MIGRANT

REMITTANCES 9.39 9.39 4.86

TOURISM

RECEIPTS 7.47 7.39 3.79

FOREIGN DIRECT

INVESTMENT 5.36 5.05 2.13

 

($1 = 9.7652 Moroccan dirham)

 

(Reporting By Aziz El Yaakoubi; Editing by Toby Chopra)

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Kenya secures $1.5 bil IMF standby facilities in case of shocks

15 March 2016 Comments (0) Africa, Business, Latest Updates from Reuters

NAIROBI (Reuters) – The International Monetary Fund (IMF) has approved two-year standby facilities for Kenya worth about $1.5 billion, which can be drawn on if the East African nation faces unforeseen shocks.

“The Kenyan authorities have indicated that they will continue to treat both arrangements as precautionary,” the IMF said in a statement issued late on Monday after the completion of discussions with Kenya on replacing existing facilities.

The funds comprise a standby arrangement worth about $990 million and a standby credit facility worth about $495 million.

The IMF said Kenya only intended to draw on them if it faced “exogenous shocks” that led to a balance of payments need.

The Central Bank of Kenya calmed volatility in the markets last year after hiking its benchmark lending rate by 3 percentage points to 11.50 percent. It has also increased foreign reserves without turning to the IMF standby loan.

So far this year, the shilling has been firm, appreciating by about 0.6 percent against the U.S. dollar. On March 10, reserves stood at $7.33 billion, the equivalent of 4.7 months import cover, up from $7.1 billion at the end of 2015.

“Kenya’s recent growth performance remains robust and the outlook is positive,” IMF Deputy Managing Director Min Zhu said in the statement.

At the end of last year, Kenya has estimated growth for 2015 at between 5.8 to 6.0 percent, lower than originally expected but still higher than the 2014 figure of 5.3 percent.

“Despite positive policy steps undertaken under the current Fund-supported program, the economy remains vulnerable to shocks, reflecting less favorable global financial market conditions, as well as continued security threats and potential extreme weather events,” the IMF deputy managing director said.

The IMF said cutting the budget deficit was a key step to contain risks, while still supporting major infrastructure projects and providing essential health and education needs.

Kenya’s budget deficit for the financial year 2015/16 ending on June 30 is forecast at 8.1 percent of gross domestic product, falling to 6.9 percent in 2016/17, draft Finance Ministry figures have shown. [nL8N15G1VC]

The East African nation has ramped up spending in recent years to build a modern railway, roads and electricity plants, driving up the deficit and unnerving investors.

 

(Reporting by Duncan Miriri and Edmund Blair; Editing by Richard Borsuk)

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South Africa’s Q4 current account deficit widens to 5.1% of GDP

8 March 2016 Comments (0) Africa, Business, Latest Updates from Reuters

PRETORIA (Reuters) – South Africa’s current account deficit widened to 5.1 percent of gross domestic product in the fourth quarter of 2015 from a revised shortfall of 4.3 percent in the third quarter, the central bank said on Tuesday.

Economists surveyed by Reuters had expected a 4.35 percent gap for the fourth quarter.

Year-on-year, the current account deficit shrunk to 4.4 percent of gross domestic product compared to a 5.4 percent deficit in 2014.

Exports slumped while imports rose during the quarter, leading to a sharp increase in the trade balance deficit to 57 billion rand ($4 billion) compared with a revised 22 billion rand gap in the third quarter, the reserve bank said in its quarterly bulletin.

“The bank has officially identified November 2013 as the upper turning point in the business cycle, implying that the South African economy is now officially in a downward phase,” the central bank noted.

($1 = 15.3384 rand)

 

(Reporting by Mfuneko Toyana; Editing by James Macharia)

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Kenya’s current account deficit to fall: central bank

21 January 2016 Comments (0) Africa, Business, Latest Updates from Reuters

NAIROBI (Reuters) – Kenya’s current account deficit will fall in 2015 and 2016 and the country’s economy will be supported by macroeconomic stability and low oil prices, its central bank governor said on Thursday.

Patrick Njoroge said the current account deficit was forecast to fall to 8.5 percent of gross domestic product in 2015, from 10.4 percent the year before, and narrow further in 2016.

The currency of the East African country is expected to remain stable after losing 11 percent of its value against the dollar in 2015, he told a news conference.

“We are now closer to the fundamentals,” he said, citing the narrowing current account deficit.

The central bank kept its benchmark lending rate at 11.5 percent on Wednesday, saying its current stance was adequate to dampen inflation.

Njoroge said that high commercial bank lending rates, at above 17 percent in December, were “troubling” but that liquidity was now evenly distributed among banks after getting skewed following the collapse of one bank.

Njoroge said he was open to “real” dialogue with shareholders of Imperial Bank – under receivership since October – and reiterated the fate of the bank will be clearer in March.

 

(Reporting by Duncan Miriri; Writing by George Obulutsa; editing by Edith Honan and Toby Chopra)

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Morocco trade deficit falls 18.7% in 2015

15 January 2016 Comments (0) Business, Latest Updates from Reuters, Middle East

RABAT (Reuters) – Morocco’s trade deficit fell 18.7 percent to 152.27 billion dirhams ($15.43 billion) in 2015 compared with a year earlier, thanks to lower import costs and higher exports, the foreign exchange regulator said on Friday.

Energy imports fell by 28 percent from a year earlier to 66.84 billion dirhams, data showed. Wheat imports also fell 32.6 percent as the local harvest hit a record high last year.

Total imports fell 5.6 percent and total exports rose 6.7 percent from a year earlier to 214.27 billion dirhams, led by a 21 percent rise in auto exports and 16.3 percent hike in phosphate sales.

Exports covered 58.5 percent of imports for the first time in 10 years, the regulator said.

Tourism receipts dropped 1.4 percent to 58.51 billion dirhams, while remittances from the 4.5 million Moroccans living abroad rose 3 percent to 61.75 billion dirhams.

Foreign direct investment jumped 6.7 percent to 39 billion dirhams.

 

Figures are in billions of dirhams:

 

Jan-Dec Jan-Dec Jan-Nov

2015 2014 2015

EXPORTS 214.27 200.80 195.29

IMPORTS 366.53 388.08 335.32

BALANCE -152.27 -187.27 -140.02

MIGRANT

REMITTANCES 61.75 59.97 56.68

TOURISM

RECEIPTS 58.51 59.31 54.66

FOREIGN DIRECT

INVESTMENT 39.01 36.55 33.96

 

($1 = 9.8654 Moroccan dirham)

 

(Reporting by Aziz El Yaakoubi; Editing by Alison Williams)

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Egypt’s central bank tightens import controls to boost local production

22 December 2015 Comments (0) Business, Latest Updates from Reuters, Middle East

CAIRO (Reuters) – Egypt’s central bank will tighten import regulations from January in a bid to support local manufacturing and better preserve its dwindling foreign currency reserves.

Egypt, which depends on imports, has faced a currency crisis since a 2011 uprising drove foreign investors and tourists away. Hard currency reserves have more than halved $16.4 billion since then.

The decision excludes imports of medicine, foods, and other essential goods such as wheat.

The central bank said it aimed to “strengthen the national economy and promote local products, enhancing their competitiveness against foreign products,” in a statement on Tuesday.

Egyptian manufacturers have been pushing for stricter regulations to stop importers putting artificially low values on customs bills to avoid duties, a widespread practice that makes it difficult for local products to compete on price.

Egypt had imports worth $60.8 billion in 2014/15, compared with exports worth $22.1 billion, said Beltone Financial economist Ziad Waleed.

“They are just fine-tuning the present regulations amid the foreign currency shortage. This definitely could increase the pressure on importers,” he said.

The statement said that banks should obtain documents for imports directly from foreign banks, instead of obtaining them from the clients as is the practice currently. This is to stop any manipulation of receipts by importers, the Egyptian customs authority said on Tuesday.

Importers will also have to provide 100 percent of the cash deposit on letters of credit for imports instead of the current 50 percent.

“The central bank is trying to use all available measures to try to limit imports and this could limit the import of luxury goods, but it is not the key solution that would solve the foreign currency shortage,” Waleed said.

Egypt’s central bank has been rationing dollars and keeping the currency artificially strong at 7.7301 through weekly dollar auctions, giving priority to imports of essential goods.

 

 

(Reporting by Asma Alsharif and Ehab Farouk, editing by Louise Heavens)

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Botswana’s August trade balance slips to $159 mil deficit y/y

6 November 2015 Comments (0) Africa, Business, Latest Updates from Reuters

GABORONE (Reuters) – Botswana’s trade balance swung to a 1.7 billion pula ($159 million) deficit in August from a 1.82 billion pula surplus in the same period last year due to a sharp fall in diamond exports, the statistics agency said on Friday.

On a month-on-month basis, the trade balance recorded a 1.7 billion deficit in August compared with a 486 million pula in July.

The data shows that while imports remained relatively flat, the August month-on-month deficit was driven by a significant 34 percent decline in exports from 4.6 billion pula to 3.03 billion pula.

 

(Writing by Mfuneko Toyana; Editing by James Macharia, Reuters)

 

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