Malta’s trade deficit up by €194 million in a year

International trade data show that Malta’s trade deficit in September stood at €253.3 million, up by €194.2 million when compared to September 2013, Malta’s national statistics office said. Imports increased by €121.0 million, while exports decreased by €73.2 million.

The increase in the value of imports was primarily due to mineral fuels, lubricants and related materials (+€103.3 million). Other increases were recorded for machinery and transport equipment, food, semi-manufactured goods, and miscellaneous transactions and commodities.

Mineral fuels, lubricants and related materials accounted for the main decline in the value of exports (-€33.3 million). Other decreases were registered for machinery and transport equipment, miscellaneous manufactured articles, food, and miscellaneous transactions and commodities.

During the first nine months this year, the trade deficit widened by €373.0 million, to €1,822.6 million. When compared to the corresponding period last year, imports registered an increase of €215.0 million, while exports decreased by €158.1 million. The increase in imports was mainly due to mineral fuels, lubricants and related materials, with other increases registered for machinery and transport equipment, 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.

Malta’s trade imports from the European Union reached €2,313.9 million, or 49.8% of the total for the period under review. There was a drop of €357.1 million in imports from euro area countries when compared to the same period last year. Increases in imports were mainly registered from the United States of America, Saudi Arabia and the United Kingdom. Malta’s exports to the euro area decreased by €94.4 million