Wider trade gap in August

The visible trade gap widened by Lm21.6 million in August, implying an increase of Lm64.2 million for the first eight months of the year, the National Statistics Office said yesterday.

Provisional data for international trade shows that the visible trade gap in August stood at Lm56.4 million, up by Lm21.6 million from the same month of last year.

Both imports and exports increased in August when compared to last year. The growth in imports was due to industrial supplies and capital goods, primarily machinery and transport equipment. The latter commodity group also accounted for the increase in exports during the month.

From the perspective of the first eight months of the year, the visible trade gap widened by Lm64.2 million to stand at Lm371.4 million.

This happened as the increase in imports during this period, which amounted to Lm129.5 million, outstripped the increase of Lm65.3 million 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 EU in the first eight months of this year.