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2018 Annual Economic and Financial Review
SAINT LUCIA
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103
Eastern Caribbean Central Bank
External Sector Developments
A merchandise trade deficit of $1,483.3m
(29.3 per cent of GDP) was estimated for
2018, above one of $1,425.6m (29.2 per cent
of GDP) recorded for the prior year.
The larger deficit was mainly attributable to
growth of 4.1 per cent in the value of imports
to $1,841.2m. The increase in import
payments was largely influenced by higher
outlays ($155.8m) for minerals, fuel,
lubricants and related materials. This outturn
contrasts a decline of 19.5 per cent recorded
at the end of December 2017. Likewise, total
exports receipts grew by 4.4 per cent
($15.0m), a deceleration from growth of
6.1 per cent reported for the previous year.
The increase in total export receipts reflected
developments in both the domestic exports and
re-exports sub-categories, where receipts
were above that of last year by 3.6 per cent
($7.5m) and 5.6 per cent ($7.4m),
respectively. On the domestic side, an
increase in banana export to the United
Kingdom contributed to growth of 7.7 per cent
in revenue from banana exports this year when
compared with the outturn of the previous
year.
Gross travel receipts are estimated to have
grown by 12.7 per cent to $2,547.1m,
concomitant with growth in the number of
stay-over visitors, particularly from the USA
and Europe, two of the major source markets.
The activities of commercial banks resulted in
a net outflow of $326.9m in short-term capital
during the year, compared with a net outflow
of $58.4m recorded during 2017.
In the review period, external loan
disbursements to the central government
totalled $196.7m, down from $227.2m in the
previous year. Principal repayment on debt
more than doubled to $248.7m; consequently,
the central government was in a net outflow
position of $51.9m, in contrast to a net
disbursement position of $149.1m at the end
of 2017.