The visible trade gap narrowed by €30.1 million in December 2009 when compared to the same month last year, according to preliminary figures published by the National Statistics Office.

The NSO said that while the visible trade gap last December stood at €69.3 million, down by €30.1 million due to decreases in imports of €69.1 million and in exports of €39 million.

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

Food accounted for the main decrease in exports in December when compared to the corresponding month of the previous year. Other decreases were also registered in miscellaneous manufactured articles, machinery and transport equipment and mineral fuels, lubricants and related materials.

From an annual perspective, the visible trade gap in 2009 narrowed by €230.9 million, to stand at €1,139.4 million.

This was due to a decrease of €663.7 million in imports and a decrease of €432.8 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, semi-manufactured goods, food and chemicals.

During this period, the drop in exports was primarily due to machinery and transport equipment.

Decreases were also registered in food, 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.