Overseas Merchandise Trade: August 2009

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

• Merchandise exports were valued at $2.7 billion, down $830 million (23.2 percent).
• The fall in exports was widespread with crude oil; meat and edible offal; and milk powder, butter and cheese being the most significant contributors.
• The exports trend has been falling since October 2008, and is down 10.5 percent since then.
• Merchandise imports were valued at $3.5 billion, down $953 million (21.6 percent).
• The fall in imports was also widespread with petroleum and products; and vehicles, parts, and accessories being the most significant contributors.
• The imports trend has declined 20.7 percent since August 2008, the largest fall since the series began in 1988.
• The trade balance was a deficit of $725 million, or 26.4 percent of exports; compared with an average August deficit of 34.1 percent of exports for the previous five years.