Trade balance deficit shrank further in August due to lower fuel prices compared with August 2022. Still, imports were higher than exports in absolute figures. Exports dropped sharply.

Trade deficit balance narrowed 7% y-o-y in August, reaching 2.75 billion euros, However, excluding oil products trade rose 14.2% y-o-y in August. 

Imports narrowed 17.8% y-o-y while exports fell 24.5%, amounting to 6.4 billion euros and 3.6 billion euros, respectively. Excluding oil products, imports fell 1.7%, and exports 14.3%. 

In the January-August period, trade deficit reached 20.1 billion euros, down 17%, or 7% lower excluding fuel products.