Crisis year – drastic decrease in imports and exports
The visible trade gap has improved by €16.3 million in May when compared to the corresponding month last year, preliminary statistics issued by the NSO yesterday show.
But imports and exports were down by over 25% over the same six-month period last year. Imports dropped by €54.1 million in May while exports were down by €37.8 million, the NSO said.
Provisional data for international trade show that the visible trade gap in May 2009 stood at €95.6 million, down by €16.3 million compared to the corresponding month last year. There was a drop in imports of €54.1 million and a decrease in exports of €37.8 million.
The decrease in imports was mainly due to industrial supplies and fuel and lubricants. Machinery and transport equipment accounted for the main decline in exports.
During the first five months this year, the visible trade gap shrank by €74.6 million, to stand at €502.1 million. This came about because of a decrease of €320.1 million in imports and a decrease of €245.5 million in exports. The decline in imports was mainly due to mineral fuels, lubricants and related materials.
Decreases were also registered in machinery and transport equipment, miscellaneous manufactured articles, chemicals and semi-manufactured goods. During this period the drop in exports was primarily due to machinery and transport equipment. Other decreases were registered in miscellaneous manufactured articles, chemicals, semi-manufactured goods and mineral fuels, lubricants and related materials.
The bulk of Malta’s trade flows and consequent trade deficit continued to be directed towards the European Union during the first five months this year.
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