Scicluna toasts €62.5 million reduction in trade deficit

Finance minister Edward Scicluna welcomed national statistics that show that Malta’s trade deficit stood at €178.1 million last November – a €62.5 million reduction when compared to the figure registered in November 2014.

Scicluna noted that the exports net of fuels re-exports increased by €16.1 million, and that the positive performance in the export sector was mainly underpinned by increases in exports of miscellaneous manufactured articles, food and semi-manufactured goods.

On the import side, during the first eleven months of last year, imports of investment goods increased by €392.9 million.

“This increase upholds the view that investment activity is continuing to sustain Malta’s economic growth,” he said in a statement.

Another notable increase was reported in imports of consumer goods which increased by €62.3 million during the same period, which the finance minister claimed reflects increased consumer expenditures leading to an improvement in the standard of living of the population.

“The affirmative performance in the external sector shows that Government’s efforts directed towards increasing local industries’ competitiveness by, amongst others, reducing industries’ utility costs and implementing pro-business policies, are bearing fruit,” Scicluna said.