It also noted the deficit in the trade account from January to June 2023 narrowed to $ 2.89 billion, a considerable improvement from the $ 3.5 billion recorded during the same period in 2022.

In June, earnings from exports declined by 19.5% YoY to just over $ 1 billion. The Central Bank noted that this decline mainly reflected the high base in June 2022, and all major subcategories of merchandise exports recorded a decline in June 2023 compared to year earlier.

However, in contrast, expenditure on imports increased by 11.6% $ 1.36 billion in June 2023, compared to $ 1.22 billion in June 2022. The Central Bank said the increase in import expenditure was observed across all main categories of imports, which was supported by the significantly low base in June 2022.