Trade gap narrows by Lm7.8 million

Total imports in March reached Lm124.8 million in value, Lm17.1 million more than in the corresponding month in 2003, the National Office of Statistics said yesterday.

It said the value of importation of industrial supplies increased marginally by Lm400,000 to Lm54.4 million while imports of capital goods increased by Lm16.5 million to Lm36.6 million in value. This was mainly due to the registration of seacraft.

Importation of consumer goods in March went up by Lm1.4 million to Lm26.8 million in value. But the value of fuel imports dropped by Lm1.2 million.

The NSO said the value of total exports in March rose by Lm9 million to Lm88.6 million from Lm79.6 million in March last year. Domestic exports were up by Lm3.9 million in value while re-exports increased by Lm5.1 million.

Total imports for the first quarter increased by Lm5.3 million in value or 1.7 per cent to Lm310.8 million from Lm305.5 million for the same period of 2003.

Imports of industrial supplies decreased by Lm14 million to Lm144.6 million in value.

The value of importation of capital goods went up to Lm67.3 million, representing an increase of Lm16.9 million or 33.5 per cent. On the other hand, consumer goods imports dropped marginally by Lm700,000 from Lm69.6 million to Lm68.9 million in value. Fuel imports increased by Lm3.1 million in value.

The value of total exports from January to March went up by Lm14.2 million or 6.4 per cent to Lm235.2 million from Lm221 million. There was a 7.5 per cent increase in domestic exports from Lm192.8 million in value last year to Lm207.3 million in the same period this year. On the other hand, re-exports showed a marginal drop of Lm300,000 in value, or 1.1 per cent from Lm28.2 million to Lm27.9 million.

In the first three months of 2004, the visible trade gap narrowed by Lm7.8 million to Lm76.7 million from Lm84.5 million.

In the first three months of this year, the European Union remained the main trading partner of Malta. In fact, the value of imports from the EU reached Lm217.6 million, representing 70 per cent of total imports.

Imports from Asia totalled Lm51.5 million in value, or 16.6 per cent, while those from the US stood at Lm23 million in value, or 7.4 per cent.

Total exports to the EU for the first quarter amounted to Lm104.1 million in value, representing 44.3 per cent of the total figure for exports.

The value of exports to Asia stood at Lm59.7 million, or 25.4 per cent, while those to the US reached Lm40.3 million, or 17.1 per cent.