In a month-to-month comparison, the trade deficit data in January reflects an increase compared to the deficit of $ 487 million in December2023. The overall trade deficit in 2023 amounted to $ 4.9 billion.

Terms of trade, i.e., the ratio of the price of exports to the price of imports, declined by 3.6 % year-on-year (YoY), as the decline in the prices of exports surpassed the decline in the prices of imports.

Expenditure on merchandise imports increased by 6.2% to $ 1,512 million in January 2024 compared to $ 1,423 million in January 2023. The increase in expenditure on consumer goods and investment goods partly driven by the relaxation of import restrictions contributed to this increase.

Earnings from merchandise exports recorded a marginal decline of 0.8% to $ 971 million in January 2024 compared to $ 978 million in January 2023.