MaltaMedia.com

The National Statistics Office has reported that preliminary figures show that the visible trade gap narrowed by €2.9 million in March when compared to the corresponding month last year.

Provisional data for international trade show that the visible trade gap in March 2010 stood at €117.6 million, down by €2.9 million when compared to the corresponding month in 2009. There were ncreases in imports and exports of €24.3 million and €27.2 million respectively.

The increase in imports was mainly due to industrial supplies. Other increases were registered in fuels and lubricants and consumer goods, while a decrease was registered in capital goods. Food and miscellaneous manufactured articles accounted for the main increase in exports during March when compared to the corresponding month last year.

Other increases were also registered in mineral fuels, lubricants and related materials, machinery and transport equipment, semi-manufactured goods, chemicals, crude materials, miscellaneous transactions, and beverages and tobacco.

In the first quarter this year, the visible trade gap narrowed by €126.3 million to €232.3 million. This may practically be attributable to an increase of €126.1 million in exports, when compared to the orresponding period in 2009. This increase in exports was primarily due to machinery and transport equipment. Other increases were registered in mineral fuels, lubricants and related materials, food, chemicals, semi-manufactured goods, miscellaneous transactions, crude materials and beverages and tobacco.

During the first quarter the bulk of Malta’s trade flows and consequent trade deficit continued to be directed towards the European Union. Drops were registered in imports from the etherlands, Germany, United Kingdom and France, while imports from Italy and Spain were up. Exports to the EU show an increase, with other increases recorded for Japan and the United States of America.