The balance of imports and exports registered a deficit of €2.0 billion between January and November 2020, a decrease of €1.578 billion compared with the same period the year before. Figures for November by the National Statistics Office show total imports of €365.2 million and total exports of €326.7 million, closing at a deficit of €38.4 million – the narrowest yet in 2020. Corresponding figures for the same month in 2019 stood at €495.6 million in imports and €401.7 million in exports.
Mineral fuels, lubricants, and related materials experienced the sharpest decrease in value in November in both imported and exported goods, with imports falling by €79.7 million and exports by €54.1 million.
Over the eleven months from January, the largest decline in imports was registered in machinery and transport equipment (-€1.3 billion) while mineral fuels, lubricants, and related materials contributed the biggest drop in value of exports (-€0.4 billion).
Just under 53 percent of total imports between January and November came from the EU, but the value of €2.56 billion represented a decrease of €0.51 billion from the same period in 2019. On the other hand, imports from the UK and China increased by €0.98 billion and €0.10 billion, respectively.
Exports to India grew by a third over the same period from 2019 to reach €21.2 million, the largest increase recorded. Meanwhile, exports to Italy registered the steepest decline, falling from €274.8 million in 2019 to €145.4 million in 2020.