6 Aug 2012

Samoa exports drop more than a third

12:36 pm on 6 August 2012

Samoa's export earnings dropped 36 percent to about 1.8 million US dollars in May.

The drop was due to lower gains from re-exports and domestic exports such as fresh fish, spring water, taro, jandals, Samoan cocoa, salt beef and vegetables.

According to the 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.

Import costs rose 1 percent to just over 28 million dollars, widening the merchandise trade deficit by seven percent.

Private remittances registered a marked improvement in May 2012 with a 35 percent increase to just over 16 million US dollars.

Meanwhile tourism earnings were 36 percent higher than in May 2011.

This reflects the large number of expatriate Samoans attending church conferences and arriving in late May for the 50th independences celebrations in the first week of June.