The Malta Independent 12 December 2018, Wednesday

Trade deficit soars in June as exports fall and imports rise

Thursday, 9 August 2018, 07:43 Last update: about 5 months ago

Preliminary National Statistics Office figures released yesterday show that Malta registered a trade deficit of €312.1 million in June 2018, compared to a trade deficit of €128.8 million in the corresponding month of 2017.

Provisional data for international trade show that a trade deficit of €312.1 million was registered in June, compared to a deficit of €128.8 million in the corresponding month of 2017. Imports increased by €123.9 million, while exports show a decrease of €59.4 million.  The increase in the value of imports was primarily due to machinery and transport equipment (€164.8 million), while mineral fuels, lubricants and related materials accounted for the main decrease (€54.8 million) in exports.

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During the first six months this year, the trade deficit narrowed by €281.4 million when compared to the corresponding period of 2017, reaching €1,113.7 million. Imports show a decrease of €142.2 million, while exports increased by €139.2 million. Lower imports were mainly due to a decrease of €209.7 million in machinery and transport equipment. With regard to exports, the main increase was registered in machinery and transport equipment (€345.2 million), which was partly outweighed by a decrease of €261.4 million in mineral fuels, lubricants and related materials.

Malta’s trade imports from the European Union reached €1,980.4 million, or 67.2 per cent of total imports. There was an increase of €310.8 million in imports from euro area countries when compared to the same period of 2017. Main increases and decreases in imports were registered from Italy (€87.6 million) and Canada (€113.5 million) respectively. The main increase in exports was directed to France (€32.0 million), whereas the highest decrease (€66.2 million) was registered in exports to Italy.

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