Published 30 August 2017
Buckie Got It, St. Kits and Nevis News Source
EC$20.5 million decline in St. Kitts and Nevis exports to the US in 2016, biggest drop in 12 years
BASSETERRE, ST. KITTS, AUGUST 30TH 2017
– St. Kitts and Nevis exported US$7.6 million (US$20.5 million) less in the value of goods and services to the United States in 2016 compared to 2015, the biggest drop in 12 years.
Trade Statistics from the United States Census Bureau also indicate that the Federation exported US$1.3 million or EC$3.5 million less in the value of goods and services to the United States for the first six months of this year compared to the same period in 2016, the biggest decline in six years.
The decrease in exports is in line with the Washington-based International Monetary Fund (IMF) economic performance in St. Kitts and Nevis which it said reflected a contraction in manufacturing output, along with a deceleration in tourism-linked sectors, a narrowing of the overall fiscal surplus and a significant widening of the current account deficit.
In its Article IV consultation, the IMF also reported a decrease in Citizenship-By-Investment (CBI) receipts and a narrowing of the overall fiscal surplus.
According to the Bureau, St. Kitts and Nevis exported goods and services to the United States to the value of US$24.4 million (EC$65.8 million in 2017; US$25.7 million (EC$69.3 million) in 2016; US$33.8 million (EC$91.2 million) in 2015; US$30.3 million (EC$81.8 million) in 2014; US$27.4 million (EC$73.9 million) in 2013; US$29.2 million (EC$78.8 million) in 2012; (US$27.9 million (EC$75.3 million) in 2011; US$25.7 million (EC$69.3 million) in 2010; US$24.6 million (EC$66.4 million) in 2009; US$29 million (EC$78.3 million) in 2008; US$26.8 million (EC$72.3 million) in 2007 and US$25.4 million (EC$68.5 million) in 2006.
Annual export of goods and services in 2016 were valued at US$49.1 million (EC$132.5 million) compared to US$56.7 million (EC$153 million in 2015); US$58.8 million (EC$158.7 million in 2014; US$54.3 million (EC$146.6 million in 2013; US$56.8 million (EC$153.3 million in 2012; US$54.7 million (EC$147.6 million) in 2011 and US$50.6 million (EC$136.6 million in 2010.
St. Kitts and Nevis companies exporting to the United States and their products are Lutron Liamuiga (dimmer switches and fan speed controls); Harowe Servo (St. Kitts) Ltd (small motors, PC Board Assemblies, Rotor Assemblies and resolvers); Kajola-Kristada (connectors, filters, trap and surface mounts; for the Cable TV and Communications Industry); CSR/DDL (CSR rum/brandy and Brinley flavoured rum products); Jaro Electronics (industrial motors and transformers) and Caribelle Batik, whose products are mostly purchased by cruise passengers and stayover visitors.
