Exports grow by €26m in May

Exports grew by €24.6 million in May compared tot he same month last year, the NSO said today.

It said that the visible trade gap narrowed by €16.6 million in May when compared to the same month last year and reached €82.8 million.

There were increases in imports and exports of €9.8 million and €26.4 million, respectively.

The increase in imports was mainly due to industrial supplies, consumer goods, and fuels and lubricants, while a drop was registered in capital goods. Machinery and transport equipment accounted for the main growth in exports during May when compared to the corresponding month last year.

Increases were also registered in mineral fuels, lubricants and related materials, semi-manufactured goods, miscellaneous manufactured articles, beverages and tobacco, crude materials, food, and miscellaneous transactions and commodities.

In the first five months this year, the visible trade gap narrowed by €202.6 million to €385.6 million. This came about because of increases in imports and exports of €9.5 million and €212.0 million respectively, when compared to the corresponding period in 2009. The increase in imports was mainly due to industrial supplies, and fuels and lubricants. During this period, the increase in exports was primarily due to machinery and transport equipment.

Other increases were registered in mineral fuels, lubricants and related materials, food, chemicals, semi-manufactured goods, miscellaneous transactions and commodities, crude materials and beverages and tobacco.

During the first five months, the bulk of Malta's trade flows and consequent trade deficit continued to be directed towards the European Union, as shown in Table 3. Drops were registered in imports from the United Kingdom, the Netherlands and Germany, while increases were recorded from Italy, France, Spain and Belgium.

Exports to the euro area show an increase, with other increases recorded for the United States of America, Germany, Japan, France and Singapore.