The value of exports rose by €306.5 million in the first seven months of this year when compared with the same period in 2009, causing the country’s visible trade gap to narrow by almost a quarter.

The National Statistics Office said the increase followed an improvement in the export of machinery and transport equipment. Increases were also registered for mineral fuels, lubricants, food, chemicals, semi-manufactured goods, beverages and tobacco and crude materials, among others.

Germany, France and Italy were the main eurozone countries on the receiving end of the increased ex-ports. Increases were also registered for the US, the UK, Japan, Singapore, China, India and Switzerland.

At the end of July, the visible trade gap stood at €674.5 million, down by a considerable €223.2 million.

In the January-July period, the value of imports rose by €83.5 million due to more industrial supplies, fuels and lubricants being brought into the country.

Imports from The Netherlands, the UK, France and Spain went down while imports from Italy and Belgium rose. In July, imports increased by €36.6 million in value, as did the value of exports, by €8.8 million, actually widening the visible trade gap by €27.8 million when compared to July last year.

More industrial supplies and capital goods were imported during the month. Machinery and transport equipment mainly contributed to the increase in exports.