In January, exports declined by a faster-than-expected 20.72 percent year-on-year to USD10.50 billion, the weakest shipments by value since September 2009. Sales of non-oil and gas products dropped by 16.77 percent to USD9.39 billion and those of oil and gas dropped by 43.49 percent to USD1.11 billion.
Imports also dropped by a faster-than-expected 17.15 percent year-on-year to USD10.45 billion. Purchases of non-oil and gas products fell by 12.09 percent to USD9.23 billion and those of oil and gas decreased by 42.27 percent to USD1.22 billion.
Compared to the previous month, exports declined by 11.88 percent. Oil exports dropped 14.81 percent and sales of non-oil and gas products fell by 11.52 percent. By product, sales went down for: animal or vegetable fats and oils (-20.15 percent), mineral fuels (-7.77 percent), garment (-15.41 percent); ores, slag and ash (-56,39 percent) and tin (-63.40 percent). In contrast, outbond shipments rose for: pearls, precious and semi-precious stones (+50.02 percent); coffee, tea, spices (+3.97 percent), iron & steels (+4.16 percent), various kind processed foods (+16.75 percent) and ceramic products (+4.6 percent).
Exports declined to most of the country's trading partners except Taiwan. Those to the the ASEAN countries fell by 9.89 percent to USD1.92 billion, the EU countries (-5.56 percent to USD1.16 billion), China (-27.74 percent to USD886.7 million), Japan (-11.84 percent to USD1.04 billion), the US (-7.02 percent to USD1.23 billion), India (-24.77 percent to USD662.0 million), Australia (-8.75 percent to USD164.3 million), South Korea (-6.01 percent) to USD410.8 million). In contrast, sales rose by 0.89 percent to Taiwan.
Compared to a month earlier, imports fell by 13.48 percent. Purchases of oil and gas dropped by 32.10 percent and those of non-oil and gas declined 10.22 percent. Imports were up for consumption goods (+5.12 percent to USD1.16 billion). In contrast, imports of raw materials fell by 14.05 percent to USD7.49 billion and those of consumption goods were down by 20.38 percent to USD1.79 billion.
In December 2015, the country posted a downwardly revised USD161 mllion trade deficit.