The Central Bank of Solomon Islands has recorded a $3 million deficit on traded goods for the month of January this year.
In its January monthly report, CBSI says the balance of trade in goods recorded a provisional $3 million deficit in January 2015, a significant downturn from a surplus of $52 million in the previous month.
It says this negative outcome emanated from a larger drop in exports by 34 percent to $214 million against a 21 percent decline in imports to $217 million during the month.
CBSI explains, the significant fall in exports was driven largely by declines across all export commodities; except for palm oil products which increased by 36 percent to $22 million as a result of higher export volume and favourable prices.
It reports round logs and timber exports plunged by 43 percent to $136 million owing to lower export volume.
Fish exports fell by 13 percent to $38 million, while all other agricultural commodities dropped by 6 percent to $31 million, primarily due to weak commodity prices.
All other exports also slid from a total of $9 million to $7 million during the month.