The deficit in the trade account widened on a year-on-year basis to US dollars 607 million in July 2021 compared to the deficit of US dollars 209 million recorded in July 2020. The cumulative deficit in the trade account from January to July 2021 also widened to US dollars 4,922 million from US dollars 3,471 million in the corresponding period of 2020.
Earnings from merchandise exports in July 2021 recorded an increase of 1.7 percent to US dollars 1,104 million compared to July 2020. Expenditure on merchandise imports increased by 32.2 percent to US dollars 1,710 million compared to US dollars 1,294 million recorded in July 2020.
The significant widening of the trade deficit has increased the dollar outflow from the economy. However, the rise in consumer goods imports compared to both 2019 & 2020, confirms that there is an adequate supply of Food & Beverage and other consumer goods available in the country.
