Exports shrank by 7.6 percent to USD 24,536 million compared to USD 26553 million in January of 2015, as oil sales dropped by 49 percent while non-oil at a slower 4.1 percent. Within non-oil exports, those to the US decreased by 2.7 percent, while those to the rest of the world by 9.9 percent. Exports of agricultural goods fell by 5.4 percent and mining by 16.1 percent. Also, shipments of manufactured products went down by 3.9 percent, as non-automotive sales decreased 6.6 percent.
Imports contracted by 6.2 percent to USD 27,977 million from USD 29816 million a year earlier, as purchases of oil products declined by 30.3 percent and non-oil by 3.4 percent. When considering imports by type of goods, imports of intermediate goods dropped 4.1 percent and consumer goods decreased by 12.4 percent. Meantime, imports of capital goods declined by 11.3 percent.
On a seasonally adjusted monthly basis, exports fell 0.62 percent and imports increased 0.83 percent.