Malta registers trade deficit of €202.3 million in March

Data published by the National Statistics Office (NSO) shows that the trade deficit in March stood at €202.3 million, up by €70.6 million when compared to the corresponding month in 2014.

Imports reportedly registered an increase of €29 million while exports decreased by €41.6 million. The increase in the value of imports was primarily due to machinery and transport equipment with €103.9 million, while other increases were recorded for food, miscellaneous transactions and commodities, and beverages and tobacco.

On the other hand, statistics show that mineral fuels, lubricants and related materials accounted for the main decrease in the value of exports with €35.2 million. Other decreases were registered for machinery and transport equipment, beverages and tobacco, and miscellaneous transactions and commodities.

During the first three months this year, the trade deficit widened by €300.7 million, to €675 million when compared to the corresponding period last year.

According to the NSO, imports increased by €168.4 million, while exports registered a decrease of €132.3 million. The increase in imports was mainly due to machinery and transport equipment which registered €300 million, while the decrease in the value of exports was primarily due to mineral fuels, lubricants and related materials with €126.4 million and machinery and transport equipment with €35.2 million.

Figures show that Malta’s trade imports from the European Union reached €693.5 million, or 45.7% of total imports, with a drop of €36.2 million in imports from euro area countries when compared to the same period last year.

According to statistics main increases and decreases in imports were registered from Canada and Italy with €292.8 million and €29.9 million respectively, while on the export side the main increases was directed to the United Kingdom with €26.5 million, and Italy with €35 million registering the highest decrease.