Visible trade gap up Lm7.2m in July

Provisional data for international trade shows that the visible trade gap in July 2007 stood at Lm56.3 million, up by Lm7.2 million from the same month last year, the National Statistics Office said yesterday.

There was an increase in the value of both imports and exports -Lm18.6 million and Lm11.4 million respectively.

The increase in imports was mainly due to food, mineral fuels and lubricant materials, chemicals, and semi-manufactured goods. Food, chemicals, semi-manufactured goods and machinery and transport equipment accounted for the increase in exports in July when compared to the same month last year.

In the first seven months of the year, the visible trade gap narrowed by Lm62.2 million, to stand at Lm272.6 million. This came about due to a decrease of Lm32 million in imports while exports rose by Lm30.2 million. Higher import values were registered for fuel and lubricants and consumer goods, while industrial supplies and capital goods imports registered decreases. During this period, the increase in exports was generated primarily by chemicals, machinery and transport equipment, miscellaneous manufactured articles and mineral fuels and lubricants.

An analysis of the total trade balance by commodity group indicates that the improvement in the balance for the first seven months of 2007 was mainly due to food, crude materials, machinery and transport equipment and miscellaneous manufactured articles.

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