While the jump in exports and the huge beat for the trade surplus is welcome, the collapse in imports is troubling.
Slowing imports are often taken as a sign of a weakening economy, with less demand for yummy imported goods and services.
Import values fell, driven by a decline across:
- consumption goods by -14%,
- capital goods -2.8%
- intermediate goods -3.8%
- motor vehicle imports dropped 26%