The monthly trade balance was a deficit of $566 million (13 percent of exports).

The annual trade deficit was $3.2 billion in January 2018, up from $2.9 billion in December 2017, and down from $3.4 billion in January 2017.

Goods exports rose $373 million (9.5 percent) to $4.3 billion in January 2018. This was a new high for a January month, exceeding the previous high of $4.1 billion in January 2014. This record follows on from the all-time high of $5.5 billion for December 2017.

Milk powder, butter, and cheese led the rise, up $101 million (8.0 percent) to $1.4

Goods imports rose $713 million (17 percent) to $4.9 billion in January 2018.

The largest changes in import values were:

Mechanical machinery and equipment, which led the rise - up $133 million (23 percent) to $700 million. The increase was across a range of commodities, including turbo-jets and food processing machinery.

Petroleum and products rose $88 million, led by diesel (up $57 million) and motor spirit (up $24 million). Imports of these products from the Republic of Korea rose $113 million, led by diesel.

Ships, boats, and floating structures rose $78 million.billion.