Fuel reduction results in narrower trade deficit

The trade deficit narrowed by 4.1 percent in the first 10 months of 2008 compared with the same period of the previous year, according to National Statistics Service data. Figures out this week revealed that the deficit shrank from 30.04 billion euros in January-October 2007 to 28.8 billion euros this year to October. This is mostly attributed to the considerable decline in fuel imports of 34.7 percent. Overall imports were reduced by 1.8 percent, reaching 43.46 billion euros (from 44.25 billion euros a year earlier) while imports grew from 14.2 billion euros in the same period last year to 14.65 billion euros in 2008.

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