Trade gap widens by Lm36.4m

The visible trade gap for the first two months of this year widened by Lm36.4 million to Lm75.7 million from Lm39.3 million reported in the January - February period 2004.

The National Statistics Office said the visible trade gap in February this year alone widened by Lm12.5 million to Lm31.2 million from Lm18.7 million in the same month last year.

Total imports in February this year reached Lm88.9 million in value, Lm5.6 million less when compared to February 2004.

In the month under review, the value of total exports show a decrease of Lm18.1 million to Lm57.7 million from the Lm75.8 million of February the previous year.

The value of total imports for the period January-February 2005 increased by Lm6.6 million, or 3.6 per cent, to Lm192.5 million from Lm185.9 million for the same period last year.

Total exports in these two months dropped by Lm29.8 million in value, from the Lm146.6 million of the same period in 2004.

The NSO said that during January-February the European Union remained Malta's main trading partner with arrivals reaching Lm140.4 million in value, or 72.9 per cent of total imports.

The main trading partners within the EU were Italy, the United Kingdom, France and Germany with Lm57.3 million, Lm24.9 million, Lm18.2 million and Lm16.2 million in value respectively.

The value of imports from Asia totalled Lm27.3 million, or 14.2 per cent, with Singapore registering Lm9.9 million.

Total dispatches to the European Union for the period January-February 2005 amounted to Lm59.2 million in value, representing 50.7 per cent of the total figure for exports.

France, with Lm19.7 million, followed by the United Kingdom with Lm13.6 million, were Malta's two main partners within the EU.

Exports to Asia stood at Lm25.6 million in value, or 21.9 per cent, while those to North and Central America reached Lm20.2 million, or 17.3 per cent.