The visible trade gap narrowed by €31.6 million in January when compared to the corresponding month last year.

Provisional data for international trade, published by the National Statistics Office, shows that the visible trade gap in January stood at €24.8 million, down by €31.6 million when compared to the corresponding month last year.

There were increases in imports and exports of €63.9 million and €95.5 million respectively.

The increase in imports was mainly due to capital goods and industrial supplies. Mineral fuels, lubricants and related materials accounted for the main increase in exports during January when compared to the corresponding month last year.

Other increases were also registered in miscellaneous manufactured articles, machinery and transport equipment, semi-manufactured goods, crude materials, and beverages and tobacco.

During the first month this year the bulk of Malta’s trade flows and consequent trade deficit continued to be directed towards the European Union.

Drops were registered in imports from Italy, United Kingdom, the Netherlands, Spain and Belgium, while increases were recorded from France and Germany. Exports to the euro area show a decrease, mainly to France, Italy and Germany; increases were recorded to Switzerland, China and Singapore.