November trade deficit grows ten-fold since 2013

During the first eleven months of 2014, the trade deficit widened by €753.7 million, to €2,398.3 million when compared to the corresponding period in the preceding year.

Imports increased by €629.2 million, while exports registered a decrease of €124.4 million. The increase in imports was mainly due to mineral fuels, lubricants and related materials (+€350.9 million) and machinery and transport equipment (+€226.3 million). The decrease in the value of exports was primarily due to machinery and transport equipment,(-€149.0 million) and miscellaneous manufactured articles (-€40.5 million).

Malta’s trade imports from the European Union reached €2,863.9 million, or 48.9% of the total for January-November 2014, with a drop of €263.9 million in imports from euro area countries when compared to January-November 2013. Main increases and decreases in imports were registered from Canada and Italy respectively. On the export side, the main increase was directed to Egypt, with Japan registering the highest decrease.

Provisional data for international trade show that the trade deficit in November stood at €226.7 million, up by €204.8 million when compared to the corresponding month in 2013.

Imports registered an increase of €126.2 million, while exports decreased by €78.6 million. The increase in the value of imports was primarily due to machinery and transport equipment (+€111.8 million).

Other increases were recorded for mineral fuels, lubricants and related materials, chemicals, and beverages and tobacco. Mineral fuels, lubricants and related materials accounted for the main decrease in the value of exports (-€43.8 million).

Other decreases were registered for all commodity groups except for beverages and tobacco, and animal and vegetable oils and fats.