Exports and imports were both down in January compared to the same month in 2014, according to data issued today by the NSO.

Imports were down by 67.6 million and exports by €58.9 million. As a result, the trade deficit narrowed to €99.6 million in January, compared to €108.3 million in the corresponding month in 2014.

The decrease in imports was primarily due to mineral fuels, lubricants and related materials (€46.8 million). Other decreases were recorded for semi-manufactured goods, food, machinery and transport equipment, miscellaneous manufactured articles, chemicals, and beverages and tobacco. Mineral fuels, lubricants and related materials accounted for the main decrease in exports (€40.6 million).

Other decreases were recorded for all commodity groups except for miscellaneous manufactured articles.

During January, imports from the European Union reached €186.2 million, or 48.0 per cent of total imports. There was a drop of €10.0 million in imports from euro area countries when compared to January 2014. Main increases and decreases in imports were registered from Turkey (€24.6 million) and the United Kingdom (€12.6 million) respectively.

On the export side the main increase was directed to Egypt (€47.8 million), with the United States of America (€35.9 million) registering the highest decrease.