Malta’s trade deficit up by almost €100 million this year

National statistics show that the trade deficit in August stood at €245.3 million, up by €92.4 million when compared to the corresponding month in 2013. Imports increased by €50.2 million, while exports decreased by €42.1 million.

The increase in the value of imports was primarily due to machinery and transport equipment (+€59.4 million), while other increases were recorded for mineral fuels, lubricants and related materials, chemicals, semi-manufactured goods, and beverages and tobacco. Mineral fuels, lubricants and related materials accounted for the main decline in the value of exports (-€15.6 million), with other decreases registered for machinery and transport equipment, miscellaneous manufactured articles, chemicals, semi-manufactured goods, and miscellaneous transactions and commodities.

In the first eight months this year, the trade deficit widened by €128.9 million, to €1,518.8 million. When compared to the corresponding last year, imports registered an increase of €42.2 million, while exports decreased by €86.7 million.

The increase in imports was mainly due to mineral fuels, lubricants and related materials, with other increases registered for chemicals, beverages and tobacco, semi-manufactured goods, and animal and vegetable oils and fats. The decrease in the value of exports was primarily due to machinery and transport equipment, with other decreases noted for miscellaneous manufactured articles, food, semi-manufactured goods, and miscellaneous transactions and commodities.

Malta’s trade imports from the European Union reached €2,019.0 million, or 50.4 per cent of the total for the period under review. There was a drop of €326.5 million in imports from euro area countries when compared to the same period last year. Increases in imports were registered from the United States of America, Saudi Arabia, Spain, the Netherlands, Gabon and India. On the other hand, imports from Italy, France, Cameroon, Singapore, Greece, Republic of Korea, the United Kingdom, Switzerland, Germany, South Africa and China showed a decrease.

Exports to the euro area decreased by €92.9 million, mainly to France, Greece, Germany, the Netherlands and Spain, while increases in exports were recorded for Republic of Korea, Italy and India.