Visible trade gap narrows in July

The visible trade gap narrowed by Lm2.2 million in July implying an increase of Lm29.4 million for the first seven months of the year, according to the National Statistics Office.

Provisional data for international trade shows that the visible trade gap in July stood at Lm44 million, down by Lm2.2 million from the same month last year. Both exports and imports increased in July when compared to July last year.

The growth in imports was due to industrial supplies, primarily machinery and transport equipment. The latter commodity group also accounted for the increase in exports during the month.

During the first seven months of the year, the visible trade gap widened by Lm29.4 million to stand at Lm301.6 million for the period between January and July.

This happened as the increase in imports during this period, which amounted to Lm94.4 million, outstripped that in exports. Higher import values were registered especially for industrial supplies, but there were also increases in capital goods, fuels and consumer goods.

The increase in exports during the period was generated primarily by machinery and transport equipment, chemicals and food.

The bulk of Malta's trade flows and consequent deficit continued to be directed to the European Union during the first seven months of this year.