Exports up, trade deficit down in January

The value of exports increased by €95.5 million in January when compared to the same period last year, according to figures released by the National Statistics Office.

Mineral fuels, lubricants and related materials constituted the main increase in exports with other increases registered in machinery and transport ­equipment, semi-manufactured goods, crude materials, beverages and tobacco.

The bulk of the increase in exports came from sales to ships and aircraft stores. Exports to the EU, the Americas, Australia and Africa dropped while those to Asia increased, particularly because of sales to Singapore, which are driven by an electronic chip-making company.

Exports to the European Free Trade Area, which comprises Switzerland, Iceland, Norway and Liechtenstein, also increased over the same period last year.

The NSO figures show that the value of imports rose by €63.9 million to reach €272.1 million in January. The increase was mainly due to capital goods and industrial supplies.

In the first month of this year, the bulk of Malta’s trade flows and consequent trade deficit ­continued to be directed towards the EU.

Drops were registered in imports from Italy, the UK, the Netherlands, Spain and Belgium while increases were recorded from France and Germany. Exports to the euro area showed a decrease, mainly to France, Italy and Germany.

The visible trade gap – the difference between exports and imports – in January stood at €24.8 million, down by €31.6 million when compared to the corresponding month last year.