In February, exports declined by 7.18 percent year-on-year to USD11.30 billion, following a 20.72 percent decrease in January. It is the 17th straight month of decline and the smallest drop since October 2014, as sales of non-oil and gas products dropped by 2.25 percent to USD10.19 billion and those of oil and gas dropped by 36.51 percent to USD1.11 billion.
Imports dropped by a faster-than-expected 11.71 percent year-on-year to USD10.16 billion. Purchases of non-oil and gas products fell by 7.58 percent to USD9.05 billion and those of oil and gas decreased by 35.21 percent to USD1.11 billion.
Compared to the previous month, exports increased by 7.80 percent. Oil exports rose 0.47 percent and sales of non-oil and gas products was up by 8.67 percent. By product, sales went up for: pearls, precious and semi-precious stones (+153.80 percent), vehicles and parts (+13.0 percent), materials from iron and steel (+74.17 percent), ships (+366.88 percent) and tin (+105.69 percent). In contrast, exports declined for: mineral fuels (-4.44 percent), footwear (-10.78 percent); knitted goods (-7.64 percent), fruits (-26.08 percent) and fertilizer (-74.26 percent).
Outbound shipments rose to the ASEAN countries (+15.13 percent to USD2.21 billion), followed by China (+6.59 percent to USD945.1 million), Japan (+5.33 percent to USD1.11 billion), Australia (+66.71 percent to USD275.4 million), South Korea (+6.14 percent to USD407.1 million) and Taiwan (+2.67 percent to USD225.5 million). In contrast, sales declined by 4.63 percent to USD1.11 billion to the EU countries, followed by the US (-6.82 percent to USD1.14 billion), and India (-0.60 percent to USD660.9 million).
Compared to a month earlier, imports fell by 2.91 percent. Purchases of oil and gas dropped by 8.79 percent and those of non-oil and gas declined 2.13 percent. Imports were down for all categories. Purchases of consumption goods (-13.60 percent to USD1.00 billion), followed by raw materials (-1.84 percent to USD7.36 billion) and capital goods (-0.47 percent to USD1.80 billion).
In January 2016, the country posted a downwardly revised USD10 million trade surplus.