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Imports grow faster than exports in July

Date: 15/09/2010

The trade gap widened by €27.8 million in July as the growth in imports galloped ahead of growth in exports, figures issued today by the NSO show. It said that the trade gap in July stood at €182.5 million. There were increases in imports and exports of €36.6 million and €8.8 million respectively.

The increase in imports was mainly due to industrial supplies and capital goods, while a decrease was registered in fuels and lubricants, and consumer goods.

Machinery and transport equipment accounted for the main increase in exports during July when compared to the corresponding month last year. Other increases were also registered in mineral fuels, lubricants and related materials, semi-manufactured goods, beverages and tobacco, miscellaneous transactions and commodities, crude materials and food.

In the first seven months this year, the visible trade gap narrowed by €223.2 million to €674.5 million. This came about because of increases in imports and exports of €83.5 million and €306.8 million respectively, when compared to the corresponding period in 2009.The increase in imports was due to industrial supplies and fuels and lubricants.

During this period the 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 and commodities, miscellaneous manufactured articles, beverages and tobacco, and crude materials.

During the first seven months 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 Netherlands, the United Kingdom, France, Spain and Germany, while increases were recorded from Italy and Belgium.

Exports to the euro area show an increase, mainly to Germany, France and Italy with other significant increases being recorded for the United States of America, the United Kingdom, Japan, Singapore, China, India and Switzerland.

 
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