Despite stronger economic activity in 2021, exports have registered a slight drop in the first eight months of the year compared to the corresponding period last year, a matter of concern for the manufacturing industry in particular.
On the other hand, imports increased significantly, NSO data released today shows.
During the first eight months of the year, the total trade in goods deficit widened by €263.3 million when compared to the corresponding period of 2020, reaching €2,013.7 million. Imports increased by €219.6 million while exports decreased by €43.6 million, amounting to €4,090.7 million and €2,077.1 million, respectively.
Higher imports were mainly recorded in Machinery and transport equipment (€187.3 million) and Chemicals (€30.6 million). On the exports side, Mineral fuels, lubricants and related materials (€123.1 million), and Machinery and transport equipment (€50.7 million) accounted for the main declines, partly offset by an increase in Chemicals.
Focusing on the month of August on its own, the NSO recorded a total trade in goods deficit of €178.9 million during August,
compared to a deficit of €152.6 million in the corresponding month of 2020. Imports amounted to €427.6 million, while exports totalled €248.8 million. This represents an increase of €22.7 million in imports and a decline of €3.6 million in exports, over the same month of the previous year.