Trade gap widens by €24.3 million

Provisional data for international trade show that the visible trade gap in February stood at €123.2 million, up by €24.3 million when compared to the corresponding month in 2010. There were increases in imports and exports of €44.7 million and €20.4 million respectively.

The increase in imports was mainly due to fuels and lubricants and industrial supplies, while a decrease was registered in capital goods. Machinery and transport equipment accounted for the main increase in exports when compared to the corresponding month in 2010.

Other increases were registered in miscellaneous manufactured articles, chemicals, semi-manufactured goods, crude materials and beverages and tobacco. Decreases were registered in food, miscellaneous transactions and commodities and mineral fuels, lubricants and related materials.

In the first two months this year, the visible trade gap widened by €80.5 million to stand at €235.8 million. This was due to increases in imports and exports of €218.0 million and €137.6 million respectively, when compared to the corresponding period in 2010.

The increase in imports was due to industrial supplies, fuels and lubricants, capital goods and consumer goods. During this period the rise in exports was primarily due to mineral fuels, lubricants and related materials. Other increases were noted in machinery and transport equipment, miscellaneous manufactured articles, semi-manufactured goods, crude materials and beverages and tobacco.

Decreases were registered in food, miscellaneous transactions and commodities, and chemicals. The bulk of Malta's trade flows and consequent trade deficit continued to be directed towards the European Union. Increases were registered in imports from Germany, Italy, France and Spain, while drops were recorded from the Netherlands and the United Kingdom.

Exports to the euro area show an increase, mainly to Germany, Italy, the Netherlands and Spain, with other significant increases being recorded for China and Singapore.