October's trade deficit up by €130 million

Provisional international trade date show that Malta’s trade deficit in October stood at €302.9 million, up by €130.0 million when compared to the corresponding month in 2013. National staistics continue to show that both imports and exports increased by €222.2 million and €92.2 million respectively.

The increase in the value of imports was primarily due to mineral fuels, lubricants and related materials (+€128.6 million). Other increases were recorded for machinery and transport equipment, chemicals, beverages and tobacco, semi-manufactured goods, and miscellaneous manufactured articles. Mineral fuels, lubricants and related materials accounted for the main increase in the value of exports (+€64.4 million). Other increases were registered for chemicals, food, miscellaneous manufactured articles, crude materials, and beverages and tobacco.

During the first ten months this year, the trade deficit widened by €526.6 million, to €2,149.0 million. When compared to the corresponding period last year, imports registered an increase of €474.8 million, while exports decreased by €51.7 million. The increase in imports was mainly due to mineral fuels, lubricants and related materials (+€327.7 million), with other increases registered for machinery and transport equipment, chemicals, semi-manufactured goods, beverages and tobacco, and animal and vegetable oils and fats. The decrease in the value of exports was primarily due to machinery and transport equipment (-€136.0 million), 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 €2,642.1 million, or 49.7% of the total for the period under review. There was a drop of €263.7 million in imports from euro area countries when compared to the same period last year. Main increases and decreases in imports were registered from Canada and Italy respectively. On the export side, the main increase was to Egypt, with exports to Singapore registering a decrease of €84.4 million