Issue link: https://maltatoday.uberflip.com/i/1497050
4 NEWS 13.4.2023 IN February 2023, the index of industri- al production went up by 17.1 per cent when compared to the corresponding month in 2022. When excluding energy, the index went up by 17.8 per cent. In February 2023, manufacturing out- put went up by 18.0 per cent. e larg- est upward change was registered in the chemical and pharmaceutical prod- ucts (64.4 per cent), followed by com- puter, electronic and optical products and motor vehicles (33.6 per cent) and by wood, paper products and printing (25.7 per cent). On the other hand, a downward change was registered in the production of rubber, plastic and other non-metal- lic mineral products (2.7 per cent). Industrial output – annual comparison by main industrial grouping e Main Industrial Groupings (MIGs) provide an alternative statistical breakdown of economic activities clas- sified according to end-use categories. ey combine several NACE divisions, groups and classes together (see meth- odological table for further informa- tion). In February 2023, the production of consumer goods and energy increased by 31.7 per cent and 8.8 per cent respec- tively. Moreover, the production of interme- diate goods increased by 8.7 per cent followed by the capital goods (4.9 per cent). Seasonally adjusted industrial production – monthly comparison A clearer picture of the economic developments can be obtained when indices are adjusted for seasonal ef- fects. These recurring effects are removed from the index series to enable month- to month comparisons. The seasonally adjusted index of in- dustrial production for February 2023 increased by 1.0 per cent when com- pared to January 2023. The index stood at 113.7 index points (2015=100). Industrial production index up 17.1 per cent in February Malta recorded a deficit of €257.5 million in trade in goods during February 2023 PROVISIONAL data recorded a total trade in goods deficit of €257.5 million during February, compared to a deficit of €205.9 million in the corresponding month of 2022. Imports amounted to €583.1 million, while exports totalled €325.6 million. is represents an increase of €13.5 million in imports and a decline of €38.1 million in exports over the same month of the previous year. e rise in the value of imports was primarily due to Chemicals (€13.0 million), Food (€10.4 million), and Miscellaneous manufactured articles (€6.3 million), partly offset by a decrease in Mineral fuels, lubricants and related materials (€21.5 million). On the exports side, the main decrease was registered in Chemicals (€27.5 mil- lion). Total trade in goods: January to February 2023 During the first two months of the year, the total trade in goods deficit wid- ened by €158.0 million when compared to the corresponding period of 2022, reaching €537.1 million. Imports increased by €129.0 million, while exports declined by €29.0 mil- lion, amounting to €1,247.4 million and €710.3 million respectively. Higher imports were mainly recorded in Machinery and transport equipment (€79.6 million), Chemicals (€19.3 mil- lion), Food (€16.7 million), and Miscel- laneous manufactured articles (€13.4 million). On the exports side, the main decreas- es were registered in Chemicals (€35.6 million), Semi-manufactured goods (€16.3 million), Food (€15.0 million), and Mineral fuels, lubricants and re- lated materials (€11.3 million), partly offset by an increase in Machinery and transport equipment (€42.2 million). Goods were imported mainly from the European Union (51.0 per cent) and Asia (20.8 per cent). Similarly, ex- ports were mostly directed to the Eu- ropean Union (33.9 per cent) and Asia (15.5 per cent). e main increase and decrease in imports were registered from the Unit- ed Kingdom (€75.1 million) and Italy (€38.0 million), respectively. With re- spect to exports, the main increase was directed to Germany (€72.5 million), whereas France reported the highest decrease (€43.0 million). In February, the deficit of trade in goods excluding specific chapters amounted to €171.3 million, compared to a deficit of €105.2 million recorded in the same month of 2022. Imports and exports amounted to €385.8 million and €214.5 million, re- spectively, thus representing an in- crease of 11.1 per cent in imports and a decrease of 11.4 per cent in exports, over the corresponding month of the previous year. During the first two months of 2023, the deficit of trade in goods excluding specific chapters widened by €121.9 million when compared to the same pe- riod of 2022, reaching €349.3 million. Imports increased by 15.3 per cent, while exports decreased by 3.0 per cent, and amounted to €811.3 million and €462.0 million respectively. Chart 1. International Trade in Goods: Monthly - in € million Annual comparison of the total industrial production - % change compared to the corresponding month of the previous year