First-half trade deficit up 38.3% to 5.81bn euros

In the first half of the year, the trade deficit, calculated as the difference between FOB (Free On Board) export prices and CIF (Cost, Insurance, Freight) import prices, stood at 5.81 billion euros, a 38.3% increase against the same period of 2005. FOB exports totalled 12.67 billion euros, a 20.5% increase against the first half of last year. CIF imports totalled 18.48 billion euros, a figure 25.3% higher against the similar period of the previous year, reads a report of the Ministry of Economy and Trade. Data show a softening of the trade imbalance dynamics, as the deficit saw a 43.8% rise at the end of May compared with the same month last year. In June, FOB exports totalled 2.28 billion euros, a 22.1% rise against June 2005 and a 1.3% decline against May 2006. FOB imports totalled 3.19 billion euros, a 21.5% increase against June 2005, and a 1.6% correction against May 2006.