The visible trade gap narrowed by Lm14.1 million (EUR32.8 million) in August 2007 when compared to August 2006, the National Statistics Office reported yesterday.

Provisional data for international trade show that the visible trade gap in August 2007 stood at Lm38.4 million, down by Lm14.1 million from the same month of last year. There was a decrease in both imports and exports of Lm15.0 million and Lm0.9 million respectively. The decrease in both flows during August 2007, when compared to the same month last year, was mainly visible in the machinery and transport equipment sector.

From the perspective of the first eight months of the year, the visible trade gap narrowed by Lm71.5 million to stand at Lm315.9 million. This came about because of a decrease of Lm41.2 million in imports during this period, while exports increased by Lm30.3 million.

Higher import values were registered for fuel and lubricants and consumer goods, while industrial supplies and capital goods imports registered decreases. During this period the increase in exports was generated primarily by food, chemicals, miscellaneous manufactured articles and mineral fuels and lubricants.

An analysis of the total trade balance by commodity group indicates that the improvement in the balance for the eight months of 2007 was mainly due to machinery and transport equipment.

The bulk of Malta’s trade flows and consequent trade deficit continued to be directed to the European Union during the first eight months of 2007.