Trade gap narrows by €59.9 million in July over 2012

Provisional data for international trade show that the visible trade gap in July stood at €287.0 million, down by €59.9 million when compared to the corresponding month last year. There were decreases in imports and exports of €236.4 million and €176.5 million respectively.

The decrease in the value of imports was primarily due to mineral fuels, lubricants and related materials. Other decreases were registered in food, chemicals, miscellaneous manufactured articles, semi-manufactured goods, beverages and tobacco, crude materials, and animal and vegetable oils and fats.

Mineral fuels, lubricants and related materials accounted for the main decrease in exports, with other decreases recorded for all the other major commodity groups.

In the first seven months this year, the visible trade gap narrowed by €121.2 million, to €1,178.0 million. The decrease in imports of €422.2 million was mainly due to mineral fuels, lubricants and related materials, with other decreases recorded for all the other major commodity groups.

Exports registered a decrease in value of €301.0 million, which 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. Increases were registered in imports from the Netherlands and Belgium, while there were decreases from Italy, Spain, the United Kingdom, France and Germany. Exports to the euro area declined, mainly to France, the Netherlands, Germany, Italy, Spain and Belgium, while increases in exports were recorded for Singapore, Libya, India, China and Norway.