The United States remains the main market for exports

According to the latest data, the trade deficit in February amounted to 285 million USD, marking a slight decrease from 295 million USD recorded in February 2023. This represents a reduction of approximately 4.8 % compared to the same period last year.

In February, exports reached around 165 million USD, down from 170 million USD in February 2023. Imports are also decreasing by -4.9 %, reaching 445 million USD, compared with Rs 465 million USD in February 2023.

Imports of Food & Live Animals decreased from USD 95 million in February 2023 to USD 92 million last February, contributing to a reduction in the food bill. Conversely, imported petroleum products saw a notable increase of 17 %, while imports of manufactured products classified mainly by material declined substantially.

Imports of machinery and equipment rose by 5 % over the course of one year. Meanwhile, trade witnessed a decline of 5.1 % year-on-year. Textile exports decreased by 14 %, while exports of manufactured goods edged down by 5 %.

In February, the United States emerged as the primary export market with a value of 22 million USD, followed by Madagascar and the United Kingdom. China remains the main import market, accounting for 80 million USD, with India and South Africa following suit.