Overseas Merchandise Trade: October 2009

For the month of October 2009 compared with October 2008 unless otherwise stated:

• Merchandise exports were valued at $3.0 billion, down $859 million (22.4 percent).
• The fall in exports was widespread with milk powder, butter, and cheese; crude oil; and casein and caseinates being the most significant contributors.
• The exports trend has been falling since November 2008, and is down 15.4 percent since then.
• Merchandise imports were valued at $3.5 billion, down $1.4 billion (28.3 percent).
• The fall in imports was also widespread with petroleum and products; and mechanical machinery and equipment being the most significant contributors.
• The imports trend has declined 25.3 percent since August 2008, the longest and largest period of decline since the series began in 1988.
• The trade balance was a deficit of $487 million, or 16.4 percent of exports; compared with an average October deficit of 30.0 percent of exports for the previous five years.