Trade gap down by €74 million in May

The visible trade gap in May stood at €136.1 million, down by €74.8 million when compared to the corresponding month last year, according to provisional data for international trade.

There were decreases in imports and exports of €127.2 million and €52.6 million respectively.

The decline in the value of imports was primarily due to machinery and transport equipment. Other decreases were registered in all other major commodity groups.

Mineral fuels, lubricants and related materials accounted for the main drop in exports, with other decreases recorded for machinery and transport equipment, miscellaneous manufactured articles, semi manufactured goods, crude materials, and miscellaneous transactions and commodities.

In the first five months this year, the visible trade gap widened marginally by €2.9 million, to €687.1 million. The decrease in imports of €48.1 million was mainly due to machinery and transport equipment, with other declines recorded for chemicals, semi-manufactured goods, miscellaneous manufactured articles, miscellaneous transactions and commodities, crude materials, beverages and tobacco, and animal and vegetable oils and fats.

Exports registered a drop in value of €50.9 million, which was primarily due to mineral fuels, lubricants and related materials.

Other decreases were noted for machinery and transport equipment, semi-manufactured goods, miscellaneous manufactured articles, 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.

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

Exports to the euro area declined, mainly to Italy, Germany, the Netherlands, France and Belgium, while increases in exports were recorded for Libya, Singapore, Greece, Russia, the US, India, China and the Republic of Korea.