MaltaMedia.com

The National Statistics Office (NSO) said that preliminary figures show that the visible trade gap narrowed by €55.5 million in August when compared to the corresponding month last year.

Provisional data for international trade show that the visible trade gap in August stood at €126.7 million, down by €55.5 million when compared to the corresponding month in 2010.

NSO said there were decreases in imports and exports of €64.5 million and €8.8 million respectively. The decrease in imports was mainly due to capital goods, consumer goods and industrial supplies, while an increase was registered in fuels and lubricants. Machinery and transport equipment accounted for the main decrease in exports when compared to the corresponding month in 2010.

Other decreases were also recorded in chemicals, miscellaneous manufactured articles, food, miscellaneous transactions and commodities, and beverages and tobacco. Increases were registered in mineral fuels, lubricants and related materials, crude materials, and semi-manufactured.

Furthermore in the first eight months this year, the visible trade gap was marginally higher than last year.

The increase in imports of €353.8 million was due to fuels and lubricants, capital goods, industrial supplies, and consumer goods. The rise in exports of €352.1 million was primarily due to mineral fuels, lubricants and related materials. Other increases were noted in miscellaneous manufactured articles, semi-manufactured goods, crude materials, and machinery and transport equipment.

Decreases were recorded in chemicals, food, 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, France, Spain, Germany, Austria and the Netherlands. Exports to the euro area showed a decrease, mainly to France, Italy and Austria, but there were increases to Germany, Spain and the Netherlands.

NSO added that other increases were recorded for China, the United Kingdom, Switzerland and India.