Export downturn less dramatic

In May 2009, the volume of goods exports was over 10 percent down on twelve months previously. This decline is slightly smaller than in the first four months of 2009, when the volume of exports was invariably about 13 to 15 percent lower than one year previously. The volume of goods imports decreased by more than 12 percent. Volume figures have been corrected for the number of working days. May 2009 had the same number of working days as May 2008.

In May, the value of exported goods totalled 24.1 billion euro, a 21 percent drop compared with one year previously. The value of goods exports to EU dropped more sharply than to non-EU countries. The value of imports plunged by 22 percent to 21.5 billion euro. The value of imports and exports of mineral fuels in particular declined steeply. The trade surplus amounted to 2.5 billion euro, as opposed to 2.7 billion euro one year previously.

Mainly as a result of plummeting petroleum and natural gas prices, import and export prices dropped by 11 percent in May compared with one year previously. As a result, the terms of trade of foreign goods deteriorated marginally relative to May 2008.

Goods exports (volume)

More figures can be found on the theme page International trade.