Trade deficit for January reaches €92.7 million

Provisional data for international trade show that the trade deficit in January stood at €92.7 million, down by €19.6 million when compared to the corresponding month in 2013.

Increases were recorded for both imports and exports by €20.8 million and €40.3 million respectively. The increase in the value of imports was primarily due to mineral fuels, lubricants and related materials, while other increases were recorded for semi- manufactured goods, chemicals, together with animal and vegetable oils and fats.

Mineral fuels, lubricants and related materials accounted for the main increase in exports. Other increases were recorded for chemicals, semi-manufactured goods, as well as beverages and tobacco.

During January, imports from the European Union accounted for 42.2 per cent of total imports.

An increase was registered in imports from the United Kingdom, while decreases were recorded from Germany, France, Italy, the Netherlands, Spain and Belgium. Exports to the euro area showed a decrease, mainly to the Netherlands, France, and Italy.

Other decreases in exports were recorded to China, the United Kingdom, India, Switzerland, Russia, and the Republic of Korea.

On the other hand there were increases in exports to the United States of America, Libya, Germany, Saudi Arabia, Spain and Belgium.