Exportation earnings down in June
The amount of money the country earned from the exportation of local merchandise fell in the month on June. According to the Central Bank of Seychelles (CBS) website, in June, Seychelles earned only USD28.9 million from its exportation sector.
This figure is well below those of the previous months. Statistics from CBS show that in the previous three months for example, Seychelles was earning between USD33 million and USD42 million from exporting merchandise made by local businesses.
The only month which recorded lower earnings from the exportation sector was January. On the other hand, the amount of foreign exchange the money used in June to bring in merchandise into the country was practically the same.
In June, some USD74 million was spent to import goods into the country. This amount is comparable to the previous few months, though a bit lower.
As money earned from exportation was the second lowest recorded for the year, but the amount of money going out of the country for importation was stable, this means that the trade balance plummeted in June.
The difference between import and export or trade balance was calculated at USD45.27 million. This amount is the highest recorded since January, when the trade balance was registered at more than USD50 million.
So far this year, the Seychelles importation bill reached its highest in May, when it was registered at USD76.40 million. However in that same month the exportation bill was also recorded at its highest, reaching a high of USD42.93 million.
Source: LSH 8-12-16