Exports continue to plummet

Exports plummeted by almost €300 million in the first six months of the year but this was mitigated by an even more drastic drop in imports of almost €385 million, resulting in an improved trade gap.

Figures released by the National Statistics Office showed the trade gap improved by €88.5 million when compared to the same period last year, primarily because of a drop in the value of imported mineral fuels, lubricants and related materials.

During this period the drop in exports was primarily due to machinery and transport equipment, while other decreases were registered in manufactured articles, chemicals, semi-manufactured goods and mineral fuels, lubricants and related materials.

In June alone exports dropped by €52.2 million and imports decreased by €82.1 million.

Europe remained the major trading partner with imports totalling €973 million and exports €320 million.

Asia was the second most important trading partner with imports from the Far East totalling €204 million and exports €264 million.

North and Central America accounted for €104 million in imports and €71 million in exports, while imports from Africa totalled €16 million and exports €67 million.