The trade deficit showed a substantial decrease in the first quarter of 2024 compared to the same period last year, reflecting primarily a de-escalation in prices and consequently, inflation.

According to preliminary data from the Statistical Service, the trade deficit was €1.703,6 billion for January to March 2024, down nearly 34% from €2.569,2 billion in the corresponding period of 2023.

Total goods imports for January to March 2024 amounted to €2.519,2 billion, compared to €3.520,0 billion for the same period in 2023, marking a reduction of 28.4%. Total goods exports for the same period were €815,5 million, down from €950,8 million in 2023, a decrease of 14.2%.

In March, total goods imports dropped to €810,1 million compared to €1.014,4 million in March 2023, a decline of 20.1%. Imports from other EU Member States were €548,9 million and from third countries €261,2 million, compared to €636,3 million and €378,1 million respectively in March 2023.

March 2024 imports included the transfer of economic ownership of ships, totaling €9,5 million compared to €50,0 million in March 2023.

Total goods exports in March 2024 were €261,0 million, compared to €374,8 million in March 2023, showing a reduction of 30.4%. Exports to other EU Member States were €113,8 million and to third countries €147,2 million, compared to €78,8 million and €296,0 million respectively in March 2023.

March 2024 exports also included the transfer of economic ownership of ships, totaling €36,6 million compared to €139,6 million in March 2023.

It is noted that the external trade deficit had already decreased by 40% in the period from January to February.