Head of the Trade Development and Studies of the Trade Ministry Kasan said that the surplus in June 2018 could reduce the deficit in the trade balance in the first half of the year to US$1.02 billion in the January-June period.
He further said the surplus in June was attributable to the improvement of performance in foreign trade both in the oil and gas sector and in non-oil/gas sector.
Deficit in the oil and gas sector was smaller at US$393.9 million in June than US$1.21 billion in the previous month.
The trade of commodities other than oil and gas favored the country with a surplus of US$2.14 billion in June as against a deficit of US$235.80 million in May.
"The Trade Ministry will be focused more on accelerating increase in exports and control imports especially imports of goods that could be produced domestically," Kasan said.
Cumulatively, exports in the fist half of the year reached US$88.02 billion, up 10.03 percent from the same period last year.
The increase was contributed by exports of non-oil/gas commodities which rose 9.66 percent to US$79.38 billion and an increase of 13.49 percent in oil and gas exports to US$8.64 billion.
Performance in oil and gas export cumulatively was determined largely by an strong increase of exports of oil and gas. Exports rose cumulatively in all sector excepting in the exports of farm products, which dropped 7.70 percent after rising 23.20 percent in the same period last year.
Increases were recorded in the exports of mining products up 36.2 percent, and manufactured products up 5.30 percent.
The country`s exports in June, 2018 were valued at US$13 billion, down 19.80 percent from exports in May, but up 11.47 percent year-on-year.
The decline in exports in June was attributable to 22.57 percent fall in exports of commodities other than oil and gas, despite an increase of 8.61 percent in the exports of commodities other than oil and gas a year earlier.
"Similarly , the oil and gas trade balance grew although there was still deficit," Kasan said.
Meanwhile, imports in June , 2018 were valued at US$11.26 billion or down 36.27 percent from imports in May 2018 (MoM), but up 12.66 percent from a year earlier.
Cumulatively imports in the first half of 2018 were valued at US$89.04 billion or up 23.10 percent year-on-year.
Increase in imports was attributable mainly to largest imports of all goods year-on-year -- capital goods up 31.80 percent, basic and auxiliary materials up 21.50 percent and consumer goods up 21.60 percent.
Significant increase in imports of consumer goods in the first half of 2018 was recorded for motor vehicles up 78.09 percent (YoY). Significant rise in the imports of basic and auxiliary materials was recorded for fuel and lubricant oil, up 47.09 percent.
Capital goods also have to do with motor vehicles for industry, the imports of which also records a significant increase, namely up 51.32 percent. (AS)
Reporter: Antara
Editor: Andi Abdussalam
Copyright © ANTARA 2018
