The prices of oil are still decreasing, and have during today's Asian trade thus almost reached the lowest level of the last six years. The price of the Texas light oil has reached the lowest level since March 2009 (45.31 dollars for a barrel of Texas light oil, or 58 cents less than on Tuesday), while brent oil hasn't been so cheap since the April of the same year (since Tuesday the price has decreased by 54 cents, to 46.05 dollars).
The decrease of the oil price has a beneficial influence to economy, and helps filling the budget, as the price of fuels at the Slovenian petrol stations has not followed the oil price drop of the world market, mostly due to the increase of the excise duty.
The analysis of the influence of the decrease in oil price was made also by The Institute of Macroeconomic Analysis and Development (IMAD). They established that the prices of oil and raw materials have a great influence on the movement of prices in trade with foreign countries, mostly due to the fact that these products are much more represented at import than at export. Therefore it was established by IMAD that the decrease of import prices for the Slovenian economy in 2013 and 2014, influenced by the movement of prices at international raw material markets, was larger than the decrease of export prices, meaning that the trade conditions have improved, which is also influencing the nominal GDP, and the real incomes, and simultaneously increasing export competitiveness.
According to Umar's prognosis from December 2014, the effect of trade conditions in 2014 amounted to 200 million euros, and this year's estimation is 290 million euros. The improvements of conditions for trade in goods in Slovenia during the first nine months of the last year remained at the European average, i.e. 0.8%, yet Slovenia placed 8th in the EU, together with Belgium and the Netherlands.