Trade deficit in July down €20 million

Provisional data for international trade show that the trade deficit in July stood at €276.3 million, down by €23.1 million when compared to the corresponding month in 2013. Imports decreased by €6.5 million while an increase of €16.6 million was registered for exports.

The decrease in the value of imports was primarily due to machinery and transport equipment, while other decreases were recorded for food, miscellaneous transactions and commodities, beverages and tobacco, crude materials, semi-manufactured goods, and miscellaneous manufactured articles. Machinery and transport equipment accounted for the main increase in the value of exports, with other increases registered for mineral fuels, lubricants and related materials, chemicals, beverages and tobacco, and crude materials.

In the first seven months this year, the trade deficit widened by €17.5 million, to €1,252.7 million. Both imports and exports registered decreases when compared to the period January-July 2013. The decrease in imports of €31.5 million was mainly due to machinery and transport equipment, with other decreases registered for food, miscellaneous transactions and commodities, miscellaneous manufactured articles, crude materials, and semi-manufactured goods.

The decrease in the value of exports of €49.1 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 €1,725.2 million, or 49.7 per cent of the total imports for the period under review (Table 3). There was a drop of €321.9 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, Algeria, Morocco, the Netherlands, Turkmenistan and India. On the other hand imports from Italy, Libya, Greece, France, Republic of Korea, the United Kingdom, China, Germany and Switzerland showed a decrease. Exports to the euro area decreased by €102.7 million, mainly to France, Greece, Germany, the Netherlands and Spain, while increases in exports were recorded for Republic of Korea, Italy, Turkmenistan and India.