Imports were valued at €1,518.8 million more than exports in the first eight months of 2014, the National Statistics Office said yesterday.
This increased the trade deficit by €128.9 million when compared to the corresponding period last year.
Between January and August, the value of imports increased by €42.2 million while exports were down by €86.7 million in value.
The growth in imports was due to greater demand for mineral fuels, lubricants, chemicals, beverages and tobacco whereas the decline in exports was registered in the machinery and transport sector, manufactured articles, food and miscellaneous transactions and commodities.
The NSO said that, in August, there was a trade deficit of €245.3 million, an increase of €92.4 million over the same month a year earlier.