{"id":20018512,"date":"2022-11-06T12:30:00","date_gmt":"2022-11-06T12:30:00","guid":{"rendered":"https:\/\/staging-new.dabangasudan.org\/all-news\/article\/cbos-sudan-deficit-reaches-record-high-exports-lower-than-ever"},"modified":"2022-11-06T12:30:00","modified_gmt":"2022-11-06T12:30:00","slug":"cbos-sudan-deficit-reaches-record-high-exports-lower-than-ever","status":"publish","type":"post","link":"https:\/\/www.dabangasudan.org\/en\/all-news\/article\/cbos-sudan-deficit-reaches-record-high-exports-lower-than-ever","title":{"rendered":"CBoS: ‘Sudan deficit reaches record high, exports lower than ever’"},"content":{"rendered":"

The Central Bank of Sudan (CBoS) reported that the trade deficit has reached $3.5 billion during the current third quarter of this fiscal year. The trade deficit reflects Sudan’s import commodities exceeding its exports.<\/strong><\/p>\n

Imports on foreign goods into Sudan from January to September this year, was estimated at a value of $7.1 billion, according to the Sudan News Agency<\/em>. Exports fell to their lowest recorded level, reaching only $3.6 billion.<\/p>\n

In an interview with Radio Dabanga, economic analyst Hafiz Ismail attributed the large rise in the trade deficit to Sudan’s “economic depression and the general market stagnation”.<\/p>\n

Exports have declined due to the rise in taxes and levies, which the “Ministry of Finance has become dependent on,”  he said.<\/p>\n

The economist added that the absence of a clear economic policy has discouraged production. He stated that the closure of the port also “had a significant impact on the incoming and outgoing movement”.<\/p>\n

He expected Sudan’s deficit and economic depression to continue, especially since the country’s has been in a state of prolonged political instability.<\/p>\n

Gold export commodity<\/strong><\/p>\n

The Central Bank of Sudan (CBoS) report on foreign trade states that gold<\/a> still remains the largest export commodity from Sudan.<\/p>\n

Amid growing concerns of economic and food insecurity in the region, as well as the political crisis currently embroiled in Sudan, the United Nation’s Secretary-General António Guterres stated<\/a> in a report on September 2 that Sudan is at risk of being “constrained economically” and this will likely “deter investors”.  <\/p>\n

Sudan is one of the largest<\/a> producers of gold in Africa, however production is often driven by unregulated, artisanal (individual subsistence) mining, and routine gold smuggling across international borders is a constant problem.<\/p>\n

It is estimated that between 50 and 80 per cent of Sudan’s gold is smuggled out of the country, with proceeds frequently used to finance internal conflicts. Earlier this year, CNN published a report<\/a> about Russia smuggling huge amounts of gold out of Sudan, bypassing the county’s official gold export regulations.<\/p>\n