Overseas Merchandise Trade: January 2010

For the month of January 2010 compared with January 2009 unless otherwise stated:

• The trade balance was a surplus of $269 million (8.5 percent of exports), the highest January trade surplus recorded as a percentage of exports since 1989. 
• Merchandise exports were valued at $3.2 billion, down $19 million (0.6 percent).
• Merchandise imports were valued at $2.9 billion, down $390 million (11.9 percent).
• Exports recorded mixed results, with casein and caseinates; cereals, flour, and starch; and meat and edible offal recording large declines. Crude oil and milk powder, butter, and cheese recorded large rises.
• Mechanical machinery and equipment, and electrical machinery and equipment led the imports decline.
• The trend indicates that total merchandise exports appear to have been rising in recent months, although more data points are required to confirm the direction.
• The imports trend has increased 4.4 percent since September 2009, but it is still 22.1 percent lower than its peak in August 2008.