International trade deficit down to €171 million

Preliminary figures show that Malta registered a trade deficit of €171.6 million in August 2015, compared to €293.1 million in the corresponding month of 2014.

Provisional data for international trade show that the trade deficit in August stood at €171.6 million, down by €121.5 million when compared to the corresponding month in 2014. Imports declined by €118.9 million while exports registered an increase of €2.7 million (Table 1a). The decrease in the value of imports was primarily due to machinery and transport equipment (€82.2 million).

Other decreases were recorded for mineral fuels, lubricants and related materials, chemicals, crude materials, beverages and tobacco, and miscellaneous manufactured articles. Regarding exports, miscellaneous manufactured articles accounted for the main increase (€9.4 million), followed by mineral fuels, lubricants and related materials and food.

During the first eight months, the trade deficit widened by €303.7 million, to €1,886.8 million when compared to the corresponding period last year. Imports increased by €156.5 million, while exports registered a decline of €147.2 million. Higher imports were mainly due to machinery and transport equipment (€626.0 million), while the decrease in the value of exports was triggered by lower mineral fuels, lubricants and related materials (€167.0 million), and machinery and transport equipment (€24.4 million).

Malta’s trade imports from the European Union reached €2,438.5 million, or 57.1 per cent of total imports. There was an increase of €264.7 million in imports from euro area countries when compared to the same period last year.

Main increases and decreases in imports were registered from the Netherlands (€191.3 million) and the United States of America (€187.8 million) respectively. On the export side, the main increase was directed to France (€21.2 million), whereas Egypt (€57.9 million) registered the highest decrease