Trade deficit dropped from €93.9 million in November of 2019 to €38.4 million in the corresponding month of last year, according to national data. 

On Monday, the National Statistics Office released provisional data based on international trade in goods registered up to January 4. Both imports and exports registered decreases - €130.4 million and €75.0 million respectively - when compared to the same month of 2019.

The major decreases in the value of imports were recorded in mineral fuels, lubricants and related materials (€79.7 million) and food (€32.0 million).

On the exports side, the main decrease was also registered in mineral fuels, lubricants and related materials (€54.1 million).

January to November 2020

During the first eleven months of 2020, the trade deficit narrowed by €1,578.4 million when compared to the corresponding period of 2019, reaching €2,003.6 million.

Both imports and exports decreased - by €2,103.2 million and €525.0 million respectively. Lower imports were mainly recorded in machinery and transport equipment (€1,290.1 million) and mineral fuels, lubricants and related materials
(€592.4 million).

On the exports side, again, mineral fuels, lubricants and related materials (€403.4 million) and machinery and transport equipment (€88.9 million) accounted for the main decreases.

Imports from the EU reached €2,559.9 million, or 52.7 per cent of total imports.

There was a drop of €514 million in imports from euro area countries when compared to the same period in 2019.

The main increase and decrease in imports were registered from China (€103.1 million) and the UK (€977 million) respectively. 

When it comes to exports, the main increase was directed to India (€5.4 million), while Italy registered the highest decrease (€129.4 million).