July visible trade gap narrows by €38.8 million

Provisional data for international trade shows that the visible trade gap in July stood at €143.8 million, down by €38.8 million when compared with July last year.

Figures released by the National Office of Statistics reveal there were decreases in imports and exports of €51.7 million and €12.8 million respectively.

The decrease in imports was mainly due to industrial supplies, capital goods and consumer goods, while an increase was registered in fuels and lubricants. Machinery and transport equipment accounted for the main decrease in exports in comparison to July 2010.

Other decreases were recorded in chemicals and miscellaneous manufactured articles. Increases were registered in mineral fuels, lubricants and related materials, food, semi-manufactured goods, and crude materials.

In the first seven months this year, the visible trade gap widened by €39.7 million to €762.1 million, due to increases in imports and exports of €398.9 million and €359.2 million, when compared with the corresponding period last year. The increase in imports was due to capital goods, fuels and lubricants, industrial supplies, andconsumer goods.

Between January and July, the rise in exports was mainly attributed to mineral fuels, lubricants and related materials. Other increases were noted in a mixtures manufactured goods, machinery and transport equipment, semi-manufactured goods, and crude materials. Decreases were recorded in chemicals, food, beverages and tobacco, and miscellaneous transactions and commodities.

The bulk of Malta’s trade flows and consequent trade deficitcontinued to be directed towardsthe EU.

Increases were registered in imports from Italy, France, Spain, Germany, the UK, the Netherlands and Belgium. Exports to the euro area show a decrease, mainly to France, Italy and Belgium, but there were increases to Germany, Spain and the Netherlands. Other increases were recorded for China, the UK, Turkey, and Switzerland.