€65.1 million drop in exports value

Provisional data for international trade show that the trade deficit in June stood at €341.8 million, up by €150.3 million when compared to the corresponding month in 2013. Increases were recorded for both imports and exports by €166.5 million and €16.2 million respectively.

The increase in the value of imports was primarily due to mineral fuels, lubricants and related materials and machinery and transport equipment, while other increases were recorded for beverages and tobacco, and animal and vegetable oils and fats.

Mineral fuels, lubricants and related materials accounted for the main increase in the value of exports with other increases registered for beverages and tobacco.

In the first six months this year, the trade deficit widened by €12.2 million, to €950.7 million. Both imports and exports registered decreases when compared to the period January- June 2013.

The decrease in imports of €52.8 million was mainly due to machinery and transport equipment, with other decreases registered for miscellaneous manufactured articles, food, miscellaneous transactions and commodities, semi-manufactured goods, chemicals and crude materials.

The decrease in the value of exports of €65.1 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 €1,399.8 million, or 49.0 per cent of the total imports for the period under review.

There was a drop of €309.2 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, Spain, Saudi Arabia, Russia, Belgium and India.

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

Exports to the euro area decreased by €67.2 million, mainly to France, Germany, the Netherlands, Spain and Belgium, while increases in exports were recorded for Italy and India.