Visible trade gap up €0.9 million

Provisional data for international trade show that the visible trade gap in July stood at €142.4 million, up by €0.9 million over the same month last year, the National Statistics Office said yesterday.

There was a drop in imports valued at €30.7 million and a decrease in exports to the value 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 drop in exports during July when compared to the same month last year.

In 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 million in the value of imports and a decrease of €119.7 million in the value of 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. 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 bulk of Malta's trade flows and consequent trade deficit continued to be directed towards the European Union in the first seven months of 2008.