Official figures issued today show that Malta's exports in February grew almost exclusively from the re-export of mineral fuels, with most other sectors showing declines.

The figures show that during February, imports were up by €40.0 million and exports by €170.7 million.

In both cases, however, most of the increase was attributed to mineral fuels, lubricants and related materials.

The export figures for February show a sharp increase in the export of mineral fuels, lubricants and related materials, from €21.6m in February last year to €199.1m in February this year. The only other sectors to show export growth were 'crude materials' which were up to €1.9m from €1.4m in February last year and 'miscellaneous manufactured articles' which grew from €32.4m in February 2011 to €34m this year. Miscellaneous transactions and commodities reached €1m from €0.9m in February last year.

The figures for the other sectors headed south. Food exports were down to €5.4m from €7.8m in February last year. Beverages and tobacco totalled €1.0 million from €1.3m, chemicals dropped to €22.6m from €24.1m and semi-manufactured goods reached €9.8m from €10.4m.

The same pattern was shown in imports, with a sharp increase in the importation of mineral fuels and lubricants and drops elsewhere except beverages and tobacco, and crude materials. Particularly significant was how the importation of machinery and transport equipment dropped to €84.1m from €140.1m in February last year. Imports of industrial supplies dropped to €97.6m from €125.3m in the same month in 2011.

January-February 2012

In the first two months this year, the visible trade gap narrowed by €85.8 million, to stand at €178.6 million.

The bulk of Malta's trade flows and consequent trade deficit continued to be directed towards the European Union. An increase in imports was registered from Italy, while there were decreases from Germany, France, the United Kingdom, Spain, the Netherlands and Belgium. Exports to Italy and the Netherlands declined, while exports to Germany, France, Belgium abd Spain increased. Exports to Israel and Egypt also increased.

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