Exports drop by €119.7 million in seven months

The visible trade gap widened by €0.9 million in July 2008 when compared to July 2007, the NSO said today. During the first seven months of this year the visible trade gap widened by €57.7 million, to stand at €802.1 million following a decrease of €62.0 million in imports and a decrease of €119.7 million in exports

The NSO said that provisional data for international trade showed that the visible trade gap in July 2008 stood at

€142.4 million. There was a decrease in imports of €30.7 million and a decrease in exports of €31.5 million.

The decrease in imports was due to industrial supplies and capital goods. Machinery and transport equipment, chemicals, crude materials and semi-manufactured goods accounted for the decrease in exports during July 2008 when compared to the same month last year.

During the first seven months this year, the visible trade gap widened by €57.7 million, to stand at €802.1 million. This came about because of a decrease of €62.0 million in imports and a decrease of €119.7 million in exports.

The decrease in imports was mainly due to machinery and transport equipment. Decreases were also registered in miscellaneous manufactured articles, chemicals and semi-manufactured goods.

During this period the decrease in exports was primarily due to machinery and transport equipment. Other
decreases were registered in mineral fuels, lubricants and related materials and
miscellaneous manufactured articles, the NSO said.

"An analysis of the total trade balance by commodity group indicates that the deterioration in the balance for the first seven months of 2008 was mainly due to mineral fuels, lubricants and related materials, which widened the trade gap by €112.6 million," the NSO said.

The bulk of Malta’s trade flows and consequent trade deficit continued to be directed towards the European Union during the first seven months of 2008.