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Monday, September 21, 2020

Gambia’s total trade passes D16 billion

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According to the final Millennium Development Goals’ Status Report for 2014, the values of total trade for the country reflected both the volume as well as the depreciation of the dalasi against major trading currencies.

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The report read: “Total trade for The Gambia increased from D9.84 billion in 2010 to D16.20 billion in 2013 indicating a percentage increase of 64.7. In 2012, total trade was estimated at D15.95 billion which if compared to the same statistics for 2013 indicates an increase of 1.57 percent. 

“The Gambia’s trade balance throughout the period 2010 to 2013 did not just remain negative but worsened by 2.68 percent. Domestic exports fluctuated during the period 2010 and 2013 and the value of imports as well as re-exports continues to increase during the same period resulting in the continued disparity between imports and total exports. The country’s trading partners remain the same through the period 2010 to 2013. The European Union, Ecowas and Asia continue to be the main origins of imports; with Asia leading followed by Ecowas and then the EU. In 2013, imports from Asia as percentage of total imports was 32 percent compared to the 29.6 percent from Ecowas and 22.0 percent from the EU. For the period 2010 to 2013, imports from Asia continued to increase, imports from Ecowas for the same period showed an increase from 2010 to 2012 but declined in 2013 while imports from the EU though increased from 2010 to 2013 but showed a drop in 2012.”

The Gambia is one of the signatories of the MDGs in 2000 which is a framework intended to solve development problems across the world through trade, aid, debt relief and enhanced international partnerships. The Gambia reached the Heavily Indebted Poor Countries’ completion point in December 2007 and has since then been receiving extensive debt relief under the enhanced HIPC initiative and the Multilateral Debt Relief Initiative.

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