The trade deficit declined significantly in December 2018 (year-on-year) with a notable deceleration in import expenditure. Exports grew by 1.4 per cent while imports fell by 15.3 per cent in December 2018 (year-on-year).
Total exports of goods grew by 4.7 per cent in 2018 to US dollars 11.9 billion while imports recorded a growth of 6.0 per cent to US dollars 22.2 billion. Consequently, the trade deficit widened moderately to US dollars 10.3 billion in 2018 from US dollars 9.6 billion in 2017.
Earnings from tourism remained healthy with a 4.8 per cent (year-on-year) growth in December 2018, resulting in a total income of US dollars 4.4 billion in 2018, a growth of 11.6 per cent from 2017.
