Samoa's trade deficit for February 2021 was $55.93 million, with imports of $61.81 million exceeding exports worth $5.89 million.

The figure was revealed in a report titled, “Overseas Merchandise Trade,” issued by the Samoa Bureau of Statistics on Wednesday this week.

According to the report it stated that the total value of merchandise exports increased by 40.7 per cent or $1.7 million to $5.89 million in February 2021 [compared to January 2021].

The monthly expansion reflected the increases by main commodities: fats and oils (up $1.13 million; vegetables products (up $0.76 million); mineral fuels, mineral oils and products (up $0.065 million); beverages, spirits and vinegar (up $0.18 million).

For the month under review, exports to New Zealand (up $1.36 million) and USA (up $0.99 million) documented the largest increases, due to gains in coconut oil, taro, nonu juice and beer exports to name a few. 

With New Zealand becoming the leading export market in February 2021, accounting for 30.4 per cent of total merchandise exports value. 

The President of the Samoa Association Manufacturers and Exporters (S.A.M.E.), Tagaloa Eddie Wilson told the Samoa Observer that some of the challenges faced by local exporters include access to market, finance and high tariff imposed by some of the overseas countries. 

He also added that while there may be challenges faced by Samoa’s exporters amidst the global pandemic another key challenge is access to markets meaning our ability to reach borders and meet biosecurity requirements.

However, the total value of merchandise imports decreased by 13.6 per cent to $61.81 million.

The decrease in imports was mainly led by main commodities such as: mineral fuels, mineral oils and products (down by $11.8 million); meat and edible meat offal (down by $1.79 million); wood and articles of wood (down by $0.057 million); iron and Steel (down $0.29 million).

The Oceania region recorded the largest share of total merchandise import value with 66.2 per cent increasing by 34.2 per cent from January 2021, reflecting the importation of the MV Samoa Express II from Australia in the reviewed month.

The Statistics Bureau added that the main source of imports and exports data comes from the administrative document; a completed customs form (Single Administrative data-SAD) which is required to be filled in by importers and exporters or customs agents when clearing merchandise inward and outward through the Ministry for Revenue (Customs Department).