Trade deficit down by €67 million from last year

Provisional data for international trade show that the trade deficit in May stood at €105.0 million, down by €67.3 million when compared to the corresponding month in 2013. There was a decrease in imports of €62.5 million, while exports increased by €4.8 million.

The decrease in the value of imports was primarily due to machinery and transport equipment, with other declines registered in all other sectors except for beverages and tobacco, chemicals, and animal and vegetable oils and fats.

Mineral fuels, lubricants and related materials accounted for the main increase in the value of exports when compared to the corresponding month last year.

In the first five months this year, the trade deficit narrowed by €167.7 million, to €578.9 million. Both imports and exports registered decreases when compared to the period January-May 2013.

The decrease in imports of €256.0 million was mainly due to machinery and transport equipment, with other decreases registered for mineral fuels, lubricants and related materials, food, miscellaneous manufactured articles, miscellaneous transactions and commodities, semi-manufactured goods and crude materials.

The decrease in the value of exports of €88.3 million was primarily due to machinery and transport equipment. Other decreases were noted for miscellaneous manufactured articles, food, miscellaneous transactions and commodities, and crude materials.

Malta’s trade imports from the European Union reached €1,107.3 million, or 50.3 per cent of the total imports for the period under review.

There was a drop of €331.8 million in imports from Euro area countries when compared to the same period last year. Increases were registered in imports from the United States of America, Turkey, Saudi Arabia, Spain, Belgium and India.

On the other hand imports from Italy, Israel, Libya, the Netherlands, France, Germany, the United Kingdom, Switzerland, China and Japan showed a decrease.

Exports to the euro area decreased by €52.3 million, mainly to the Netherlands, Germany, Spain and Belgium, while increases in exports were recorded for France, Italy, Turkey, Libya, the United States of America and India