Massive drop in fuel importation leads to €100m trade contraction

Provisional data for international trade show that the visible trade gap in June stood at €168.1 million, down by €100 million when compared to the corresponding month last year. There were decreases in imports and exports of €196.8 million and €96.8 million respectively.

The decrease in the value of imports was primarily due to mineral fuels, lubricants and related materials. Other decreases were registered in all the other major commodity groups, except for animal and vegetable oils and fats, and miscellaneous transactions and commodities. Mineral fuels, lubricants and related materials accounted for the main decrease in exports, with other decreases recorded for miscellaneous manufactured articles, semi-manufactured goods, beverages and tobacco, and miscellaneous transactions and commodities

In the first six months this year, the visible trade gap narrowed by €70.5 million, to €881.9 million. The decrease in imports of €216.2 million was mainly due to machinery and transport equipment, and mineral fuels, lubricants, and related materials. Other decreases were recorded for all other major commodity groups.

Exports registered a decrease in value of €145.7 million, which was primarily due to mineral fuels, lubricants and related materials. Other decreases were noted for miscellaneous manufactured articles, semi-manufactured goods, machinery and transport equipment, crude materials, and miscellaneous transactions and commodities.

A substantial amount of Malta's trade flows and consequent trade deficit continued to be directed towards the European Union. Decreases were registered in imports from Italy, the United Kingdom, France, Spain, Germany and Belgium, while there was an increase from the Netherlands. Exports to the euro area declined, mainly to France, the Netherlands, Germany, Italy, Spain, and Belgium, while increases in exports were recorded for Japan, Libya, Singapore, the United States of America, India and China.