Visible trade gap down 31%

According to figures released by the National Statistics Office, Malta’s visible trade gap shrunk by over 31 per cent during this year’s first quarter. Over the first three months of the year, the differential between imports and exports stood at Lm59.1 million, down by Lm27.5 million from the Lm86.6 million recorded over the first quarter of 2001. Over the period under review, total imports fell by 15.8 per cent, or Lm52 million, to Lm276.3 million compared with the Lm328.3 million registered last year.

The import of industrial supplies declined by Lm43.2 million to Lm140.5 million from last year’s Lm183.7 million last year. At Lm44.5 million, the importation of capital goods had shrunk by Lm7.9 million when compared to the previous year.

Meanwhile, the importation of consumer goods was up by Lm3.9 million, or 6.2 per cent, to Lm66.6 million from Lm62.7 million last year. Fuel imports were down by Lm4.8 million to Lm24.7 million.

Likewise, total exports dropped by 10.1 per cent, Lm24.5 million, over the period to Lm217.2 million from the Lm241.7 million last year.

Domestic exports were also reported to have dropped by Lm36 million to Lm187.8 million. Re-exports were up by Lm11.5 million to Lm29.4 million.

Zooming in on international trade carried out in March, total imports had fallen by some 16 per cent, Lm19.5 million to Lm100.9 million from Lm120.4 million in the comparable month last year. The importation of industrial supplies was down by Lm11.3 million to Lm54.1 million from Lm65.4 million last year. Imports of capital goods were down by Lm4.0 million to Lm14.3 million. At the same time, the importation of consumer goods was marginally up to Lm25.3 million. Fuel imports were down by Lm4.6 million to Lm7.2 million.

For the month in question, total exports were down by over 12.5 per cent, or Lm11 million, to Lm76.6 million from Lm87.6 million last year. Meanwhile, domestic exports were found to had decreased Lm13.5 million, while re-exports were up by Lm2.5 million to Lm8.7 million.