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Economic Weekly

July 16, 2014


Goods exports declined in the second quarter due to weakness in most sectors. The forecast for exports in 2014 is revised downwards

Goods exports amounted to US$11.7bn in the second quarter of the year (excluding seasonality; and excluding ships, aircraft, and diamonds). The second quarter data reflect a substantial 8.6% drop compared to the first quarter of the year, and a 3.4% decline compared to the same quarter last year. It should be noted that monthly foreign trade data generally tend to be revised upwards in the months following the publication of the initial data; therefore, the final data are likely to be some degree higher. However, it is reasonable to assume that even after the revisions (which will be reflected primarily in the June data), the second quarter data will still indicate a decline in activity compared to the first quarter.


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