Importation of mineral fuels, lubricants and related materials dropped sharply in March, when coronavirus-related restrictions started having their toll on businesses, falling from €167.6 million to €80 million in value when compared to a year earlier.

Total imports fell by €622.5 million in value and exports were down €61 million in value, provisional figures released by the National Statistics Office show.

The decrease in the value of imports was primarily due to machinery and transport equipment (€501.7 million) and mineral fuels, lubricants, and related materials (€87.6 million). In terms of exports, mineral fuels, lubricants and related materials (€63.8 million) accounted for the main drop.

The value of imported food dropped from €42 million in March 2019 to €36 million in the same month this year and beverages and tobacco were down from €9.1 million to 8.6 million.

The trade deficit narrowed by €660.9 million in the first quarter of the year when compared to the corresponding period of 2019, reaching €627.8 million.

Both imports and exports decreased by €688 million and €27.1 million in value respectively between January and March.

Lower imports were mainly registered in machinery and transport equipment (€626.3 million) and chemicals (€32.6 million).

The main decline in exports was reported in mineral fuels, lubricants and related materials (€56.1 million) and food (€24.7 million), partly outweighed by an increase of €52.1 million in machinery and transport equipment.

The NSO said international trade recorded a trade deficit of €177.4 million during March, compared to a deficit of €738.9 million a year earlier.