Exports decreased by 3 per cent in the first two months of the year, according to the National Statistics Office, but when the increase in fuel and lubricant exports is factored out, the decrease in the other categories was nine per cent.

The importation of fuel and lubricants has similarly influenced the overall import figures. The drop of 1 per cent widens to 15 per cent once these are factored out, with the drop being seen in all the other categories (industrial supplies, capital goods and consumer goods).

Provisional data for international trade show that the trade deficit in February stood at €121.9 million, up by €26.6 million when compared to the corresponding month in 2013.

Imports from the EU in January and February reached €434.4 million or 52.7 per cent of the total.

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