Trade deficit narrowed sharply this year following a rise in exports and reduced imports, Finance Minister Sheku Ahmed Fantamdi Bangura told parliament while presenting the FY2026 national budget.
The trade deficit fell to US$262.3 million between January and September 2025, down from US$429.9 million during the same period in 2024, the minister said, adding that this turnaround was driven by rising exports and reduced imports, which helped to stabilise the Leone against major foreign currencies.
Total exports grew by 2.3% to US$1.2 billion, supported mainly by strong agricultural performance and a slight rebound in iron ore shipments. Agricultural exports jumped 12% to US$208.2 million, with cocoa alone bringing in US$111 million due to better market prices, the minister stated.
However, mineral exports were unchanged at US$900.7 million because of a steep drop in diamond exports.
On the import side, US$1.4 billion was spent on goods between January and September 2025, representing a 9.1% decline from the US$1.6 billion recorded a year earlier. The minister attributed this mainly to reduced food and fuel imports. Rice imports cost US$127.5 million, while fuel imports amounted to US$351.8 million.
The minister also reported that the Bank of Sierra Leone’s foreign reserves stood at 1.7 months of import cover at the end of October 2025. The Leone remained broadly stable throughout the first nine months of 2025, depreciating by less than 1% year-on-year. This, he said, is a major improvement from the average 7% depreciation recorded in 2024.
