Visible trade gap narrows by €28.7 million

Provisional data for international trade show that the visible trade gap in August stood at €111.0 million, down by €28.7 million when compared to the corresponding month last year.

There were increases in imports and exports of €134.6 million and €163.3 million respectively. The increase in the value of imports was primarily due to mineral fuels, lubricants and related materials, with other increases registered for beverages and tobacco, miscellaneous transactions and commodities, and animal and vegetable oils and fats.

Mineral fuels, lubricants and related materials accounted for the main increase in the value of exports when compared to the corresponding month in 2011. Other increases were recorded in machinery and transport equipment, chemicals, beverages and tobacco, miscellaneous manufactured articles, and food.

In the first eight months this year, the visible trade gap widened by €224.1 million, to stand at €1,441.9 million.

The increase in imports of €1,055.2 million was mainly due to mineral fuels, lubricants and related materials. Increases were also registered for food, beverages and tobacco, miscellaneous manufactured articles, and crude materials.

The rise in the value of exports of €831.1 million was primarily due to mineral fuels, lubricants and related materials. Other increases were noted in machinery and transport equipment, chemicals, miscellaneous manufactured articles, and beverages and tobacco.

A substantial amount of Malta's trade flows and consequent trade deficit continued to be directed towards the European Union.

Increases were registered in imports from Italy, Spain, Greece and the Netherlands, while there were decreases from France, Germany, and the United Kingdom.

Exports to the euro area went up, mainly to France, Germany, Spain, and the Netherlands. Other increases in exports were recorded for Turkey, Libya, the United States of America, Singapore and Taiwan.