Central Bank of Sudan: The trade balance deficit is $1.22 billion in the first quarter

A report by the Central Bank of Sudan revealed that the value of Sudanese exports in the first quarter of 2022 was about $1.39 billion, while imports amounted to $2.62 billion, and the trade balance deficit was $1.22 billion.

According to the Bank’s foreign trade report, gold exports generated about $720 million, and gold, sesame crops and peanuts exported a list of non-oil exports.

Economist Mohammed Al-Nair said on Sunday that the state should develop medium- and long-term remedies to increase production and productivity with a view to increasing the volume of exports, replacing imports, reducing trade deficits and shifting towards a knowledge-based economy so that Sudanese products benefit from high value added rather than exporting them as crude.

Nair expected the return on gold to rise by the end of this year if it maintains its high export rates.

The return on non-petroleum exports was respectively: “Sesame exported $167 million, peanuts $164 million, cotton $115 million, live animals exported $64 million and meat $34 million”.

In the three months (quarterly) this year, the Sudan imported “366” million dollars in ugly.

Nair regretted that the Sudan imported more than $300 million worth of sugar and that imports of petroleum products amounted to about $363 million and manufactured goods $386 million.

The Sudan is experiencing an unprecedented economic crisis, and the current year’s budget faces significant challenges and revenue deficits following political crises, security conditions, production disruptions and the disruption of external support.

Experts point out that it is unlikely that the budget approved by the coup d ‘état Government will withstand in the absence of a full Prime Minister and Executive, thereby increasing the deficit, the lack of imports and the worsening economic and livelihood crisis.