MaltaMedia.com

Preliminary figures published by the National Statistics Office (NSO) on Friday show that the visible trade gap widened by €72.2 million in May when compared to the corresponding month last year.

The visible trade gap in May stood at €158.4 million, up by €72.2 million when compared to the corresponding month in 2010.

There were increases in imports and exports of €81.1 million and €8.8 million respectively. The increase in imports was mainly due to capital goods, fuels and lubricants, and industrial supplies while a decrease was registered in consumer goods. Mineral fuels, lubricants and related materials accounted for the main increase in exports when compared to the corresponding month in 2010. Other increases were recorded in miscellaneous manufactured articles, semi-manufactured goods and food. Decreases were registered in chemicals, machinery and transport equipment, beverages and tobacco, miscellaneous transactions and commodities, and crude materials.

NSO said that in the first five months this year, the visible trade gap widened by €76.6 million to €539.7 million. This was due to increases in imports and exports of €374.2 million and €297.6 million respectively, when compared to the corresponding period in 2010.

The increase in imports was due to capital goods, industrial supplies, fuels and lubricants, 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 chemicals. Decreases were recorded in food, and miscellaneous transactions and commodities, and beverages and tobacco.

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 Italy, the United Kingdom, France, Germany, Spain and Belgium, while a decrease was recorded from the Netherlands. Exports to the euro area show an increase, mainly to Germany, Spain and the Netherlands, with other increases being recorded for the United Kingdom, China, Switzerland and India.