Sierra Leone’s deficit in trade with the United Kingdom has continued to worsen. The country’s deficit jumped 6 million pounds in its trade relations with Great Britain in the one-year accounting period to June 2024. Whereas Britain total trade surplus in the one-year period to June this year improved from £35 million to a total of £41 million. It was £35 million in corresponding period of June 2023.

The figures represent total transactions in trade (in goods and services) between the two countries. The UK Trade and Investment office’s just released trading figures revealed that in the four quarters to the end of Q2 2024, the UK had a trade in goods surplus of £28 million with Sierra Leone, compared to a trade in goods surplus of £32 million in the four quarters to the end of Q2 2023. “Meanwhile, in the four quarters to the end of Q2 2024 the UK reported a trade in services surplus of £13 million with Sierra Leone.

Total trade in goods and services (exports plus imports) between the UK and Sierra Leone was £77 million during the review period. A decrease of 2.5 percent; about £2 million in current prices from the four quarters to the end of Quarter 2 of 2023. Of this £77 million total imports from the United Kingdom into Sierra Leone amounted to £59 million - an increase of 3.5 percent (about £2 million in current prices), when compared to compared to what was imported into the country in the four quarters to the end of Quarter 2 in 2023.

Conversely, export goods going to the United Kingdom from Sierra Leone during same period – four quarters to the end of quarter 2 of 2024 - amounted to £18 million; a decrease of 18.2 percent (about £4 million in current prices), compared to the four quarters to the end of Quarter 2 of 2023.

Sierra Leone retained its position as UK’s joint 156th largest trading partner during the review period accounting for less than 0.1% of total UK trade.

Data made available to FS at the UK Trade and Investment Department revealed that inward stock of foreign direct investment (FDI) from the UK in Sierra Leone was £6 million, 100.0% or £3 million higher than in 2021. In 2022, Sierra Leone accounted for less than 0.1% of the total UK inward Foreign Direct Investment (FDI) stock.