Trade deficit of €121.9 million registered in February

An NSO report on provisional data for international trade shows that the trade deficit in February stood at €121.9 million, up by €26.6 million when compared to the corresponding month in 2013.

There were decreases in both imports and exports of €35.1 million and €61.6 million respectively. The decrease in the value of imports was primarily due to machinery and transport equipment, with other declines registered in all other sectors, except for animal and vegetable oils and fats. Mineral fuels, lubricants and related materials accounted for the main decrease in the value of exports when compared to the corresponding month last year.

Other drops were registered for machinery and transport equipment, chemicals, miscellaneous manufactured articles, semi-manufactured goods, and miscellaneous transactions and commodities.

In the first two months this year, the trade deficit widened by €12.2 million, to €220.3 million. Both imports and exports registered decreases. The decrease in imports of €6.7 million was mainly due to machinery and transport equipment, with other decreases being registered for miscellaneous manufactured articles, food, chemicals, beverages and tobacco, miscellaneous transactions and commodities, and crude materials.

The decrease in the value of exports of €18.9 million was primarily due to machinery and transport equipment. Other decreases were noted for food, miscellaneous manufactured articles, and miscellaneous transactions and commodities.

Imports from the European Union reached €434.4 million, or 52.7 per cent of the total for the period under review. Increases were registered in imports from the United States of America, Norway, Spain, the United Kingdom, Italy, Greece and India. On the other hand, imports from Libya, Turkey, Germany, Singapore, France, the Republic of Korea, China, Japan and the Netherlands showed a decrease.

Exports to the euro area decreased by €6.1 million, mainly to France, the Netherlands, Greece, and Spain, while increases were recorded for the United States of America, Libya, Italy, Germany, Turkey, India, the Republic of Korea and Norway.