Pulled down by falling import payments, total trade from January to November 1998 fell by 2.8 percent to $54.572 billion from $56.138 billion last year even as merchandise exports increased by 17.3 percent to 26.970 billion from $22.997 billion in 1997. The aggregate import bill for the period dropped by 16.7 percent to $27.598 billion. The contrasting trends in the trade transactions yielded a 93.8 percent reduction in the balance of trade in goods (BOT-G) deficit which settled at $625.0 million, down from $10.144 billion last year.

For the first three quarters of 1998, the balance-of-trade in goods (BOT-G) deficit shrank by 88.6 percent to $962.00 million from $8.419 billion a year earlier. Total trade slipped by 1.1 percent to $44.653 billion from $45.145 billion. Payments for imported merchandise dropped by 14.8 percent to $22.807 billion from $26.782 billion while receipts from export of goods grew by 19.0 percent to $21.845 billion from $18.363 billion in 1997.

Total trade in goods for January to July this year decreased by $13.0 million or 0.04 percent to $34.251 billion from $34.264 billion last year. Revenue from exports increased by 19.2 percent to $16.407 billion from $13.767 billion while expenditure for imports dropped by 12.9 percent to $17.844 billion from $20.497 billion. The balance of trade in goods (BOT-G) was in deficit declining by 78.6 percent to $1.438 billion from $6.729 billion.