Trade deficit in March down to €178 million

Provisional data for international trade show that the trade deficit in March stood at €178 million, down by €66 million compared to the corresponding month in 2015.

According to the NSO figures, both imports and exports increased by €6.9 million and €73.1 million respectively, with the increase in the value of imports primarily due to machinery and transport equipment (€62.6 million) and chemicals accounting for the main increase (€146.6 million) on the exports side.

Figures show that during the first three months this year, the trade deficit widened by €171.6 million when compared to the corresponding period last year.

According to data, imports show an increase of €89.5 million, with exports decreasing by €82.0 million. Higher imports were mainly due to machinery and transport equipment, which increased by €284 million, which was partly outweighed by a decrease of €185.3 million in mineral fuels, lubricants and related materials.

The decrease in the value of exports on the other hand, was triggered by lower mineral fuels, lubricants and related materials (€197.5 million). This was partly outweighed by an increase of €142.3 million in chemicals.

Malta’s trade imports from the European Union reached €645.7million, or 38.5 per cent of total imports, showing a decrease of €55.9 million in imports from euro area countries when compared to the same period last year.

Figures show that main increases and decreases in imports were registered from France (€36.0 million) and Canada (€103.2 million) respectively. Meanwhile, on the export side the main increase was directed to the United States of America (€157.0 million), whereas Egypt (€78.8 million) registered the highest decrease.