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Lower oil trading impacts import, export figures

Date: 13/05/2013

Imports and exports dropped by €109.0 million and €119.3 million respectively in February, mostly as a result of a drop in oil trading, official figures show.

The NSO said the decrease in the value of imports was primarily due to mineral
fuels, lubricants and related materials, with declines registered in all other sectors except for machinery and transport equipment.

Mineral fuels, lubricants and related materials accounted for the main decrease in the value of exports when compared to the corresponding month in 2012. Other drops were registered for machinery and transport equipment, miscellaneous manufactured articles, semi-manufactured goods, crude materials, and miscellaneous transactions and commodities.

January-February 2013

In the first two months this year, the visible trade gap narrowed by €12.2 million, to €209.6 million. The decrease in imports of €169.7 million was mainly due to mineral fuels, lubricants and related materials.

Decreases were also registered for machinery and transport equipment, chemicals, food, semi-manufactured goods, crude materials, and miscellaneous transactions and commodities. The decrease in the value of exports of €157.6 million 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. Decreases were registered in imports from Italy, the United Kingdom, France, Spain, Germany, the Netherlands, and Belgium. On the other hand imports from Russia, Libya, Singapore, Republic of Korea, and China showed an increase.

 

Source: Times of Malta

 
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