Trade gap widens by €10.4 million in February

Preliminary figures published by the National Statistics Office show that the visible trade gap widened by €10.4 million in February when compared to the corresponding month in 2012.

Provisional data for international trade show that the visible trade gap in February stood at €104.7 million.

There were decreases in imports and exports of €109.0 million and €119.3 million respectively.

The NSO attributed the decrease in the value of imports as being primarily due to mineral fuels, lubricants and related materials, with declines registered in all other sectors except for machinery and transport equipment.

Mineral fuels, lubricants and related materials accounted for the main decrease in the value of exports when compared to the corresponding month in 2012.

Other drops were registered for machinery and transport equipment, miscellaneous manufactured articles, semi-manufactured goods, crude materials, and miscellaneous transactions and commodities.

The NSO also said that during the first two months this year, the visible trade gap narrowed by €12.2 million, to €209.6 million.

The decrease in imports of €169.7 million was mainly due to mineral fuels, lubricants and related materials. Decreases were also registered for machinery and transport equipment, chemicals, food, semi-manufactured goods, crude materials, and miscellaneous transactions and commodities.

The decrease in the value of exports of €157.6 million was primarily due to mineral fuels, lubricants and related materials. Other decreases were noted for machinery and transport equipment, miscellaneous manufactured articles, semi-manufactured goods, crude materials, and miscellaneous transactions and commodities.

A substantial amount of Malta's trade flows and consequent trade deficit continued to be directed towards the European Union. Decreases were registered in imports from Italy, the United Kingdom, France, Spain, Germany, the Netherlands, and Belgium.

On the other hand imports from Russia, Libya, Singapore, Republic of Korea, and China showed an increase. Exports to the euro area decreased, mainly to Germany, the Netherlands, France, Italy and Belgium. Increases in exports were recorded for Singapore, Libya, the United States of America, the United Kingdom, Spain, India, Russia and China.