Trade deficit narrows in Jan-Feb

The trade deficit for the first two months of the year fell to EUR 1,144.4 mln, compared to 1,929.6 mln in JanuaryFebruary last year, on a significant 32% drop in imports and a minor 4% drop in exports, according to the statistical service.

The foreign trade statistics are based on final data for January and provisional for February.

Cystat said that total imports of goods in February were EUR 841.1 mln compared to 770.5 mln in February 2023, an increase of 9.2%. Imports from other EU states were EUR 543.8 mln, and 297.3 mln from third countries, compared to EUR 536.2 mln and 234.2 mln, respectively in February 2023.

Imports in February include the transfer of economic ownership of vessels, with total value of EUR 1.9 mln as compared to 56.8 mln in February 2023.

Total exports in February were lower at EUR 243.1 mln, compared to 260.8 mln in February 2023, a decrease of 6.8%.

Exports to other EU states were EUR 116.2 mln and to third countries 126.9 mln, compared to EUR 65.1 mln and 195.7 mln, respectively, in February last year. Exports in February include the transfer of economic ownership of vessels, with total value of EUR 21.7 mln as compared to 87.6 mln in February 2023.

Total imports of goods in January-February amounted to EUR 1,698.4 mln, compared to EUR 2,505.6 mln in the first two months of 2023, a decrease of 32.2%. Total exports of goods in January-February were EUR 554.1 mln compared to EUR 576.0 mln in January-February 2023, a decrease of 3.8%. The trade deficit was EUR 1,144.4 mln in JanuaryFebruary compared to 1,929.6 mln in the same period of 2023.

January imports down 50%

Cystat said that final data for January showed that total imports amounted to EUR 857.3 mln compared to 1,735.1 mln in January 2023, a decrease of 50.6%. Provisional data for January showed imports of EUR 848.1 mln.

Domestic exports, including stores and provisions, were EUR 143.2 mln compared to 140.7 mln in January 2023, an increase of 1.8%. Domestic exports of industrial products in January were EUR 133.9 mln compared to 132,7 mln in January 2023, whilst domestic exports of agricultural products in January were EUR 8.2 mln compared to 7.3 mln in the same month last year.

January exports of foreign products, including stores and provisions, were EUR 167.8 mln compared to 174.5 mln in January 2023, a decrease of 3,8%.