Highlights of October’s Trade Balance
October’s trade balance was the deficit at USD1.80 billion after September’s surplus of USD230 million. On a cumulative basis, from January to October 2018, the deficits were at USD5.51 billion.
October’s deficit was beset by worsening non-oil and gas trade balance and the higher deficit of oil and gas trade. The non-oil and gas trade deficit was at USD400 million, lower than September’s surplus of USD1.0 billion. The underperformance of non-oil and gas trade balance is mainly beset by the skyrocketing non-oil and gas imports of USD2.40 billion (m-m), particularly machines and mechanic airplanes imports, declining in September.
Meanwhile, the hike in oil and gas trade deficit was attributable to the ballooning oil and gas imports of USD620 (m-m), particularly refined oil.
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