The value of seasonally adjusted goods exports decreased by €1.15 billion, or 11 per cent, in July compared with June, according to new figures from the Central Statistics Office.

Goods exports decreased by €1.15 billion to €8.92 billion, while goods imports reduced by €644 million to €5.39 billion.

There was a reduction of €510 million, or 13 per cent, in the seasonally adjusted trade surplus, taking it to just above €3.5 billion at the end of July.

The value of goods exports for the period January to July 2016 was €65.9 billion, an increase of €1.7 billion (3 per cent) when compared with the first seven months of 2015.

Exports of organic chemicals increased by €649 million (47 per cent) to €2 billion in July 2016 compared with July 2015, while exports of essential oils decreased by €99 million (12 per cent) to €709 million over the same comparative period.

Electrical machinery

During the same period, exports of medical and pharmaceutical products decreased by €636 million (23 per cent) to €2.2 billion, while exports of electrical machinery, apparatus and appliances increased by €456 million (202 per cent) to €682 million.

The unadjusted value of goods imports for July 2016 was almost €5 billion, representing a decrease of €772 million (13 per cent) when compared with July 2015. The value of goods imports for January to July 2016 was €38 billion, which is a decrease of €1.4 billion (4 per cent) compared with the first seven months of 2015.

Imports of petroleum decreased by €124 million (35 per cent) to €229 million in July 2016 compared with July 2015. Imports of organic chemicals increased by €164 million (70 per cent) to €397 million in July 2016.

Imports of medical and pharmaceutical products increased by €188 million (44 per cent) to €611 million over the same period.

The European Union accounted for €4.5 billion (49 per cent) of total goods exports in July, of which €1 billion went to Belgium and €1 billion to Britain.