Preliminary figures show that Malta registered a trade deficit of €253.3 million in June 2015, compared to €357.4 million in the corresponding month of 2014.

Provisional data for international trade show that the trade deficit in June stood at €253.3 million, down by €104.1 million when compared to the corresponding month of 2014.

Imports declined by €80.5 million while exports registered an increase of €23.5 million. The decrease in the value of imports was primarily due to mineral fuels, lubricants and related materials (€61.8 million). Other decreases were recorded for machinery and transport equipment, food, beverages and tobacco, and crude materials. Regarding exports, mineral fuels, lubricants and related materials accounted for the main increase (€32.8 million), with food, and machinery and transport equipment also registering increases.

January-June 2015

During the first six months, the trade deficit widened by €459.9 million, to €1,449.9 million when compared to the corresponding period last year. Imports increased by €269.7 million, while exports registered a decline of €190.2 million.

Higher imports were mainly due to machinery and transport equipment (€667.6 million), while the decrease in the value of exports was triggered by lower mineral fuels, lubricants and related materials (€203.1 million), and machinery and transport equipment (€8.7 million).

Malta’s trade imports from the European Union reached €1,806.3 million, or 56.4 per cent of total imports. There was an increase of €272.1 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 (€239.8 million) and the United States of America (€177.7 million) respectively. On the export side the main increase was directed to China (€18.1 million), whereas Libya (€80.0 million) registered the highest decrease.

Government lauds positive performance in Maltas external sector

International Trade figures issued today by the NSO show that local exports, net of fuel re-exports, recorded an increase of €14.4 million during the first half of this year, the government said in a statement.  

"This positive export performance was underpinned by increases in several export categories ranging from export of foods and pharmaceutical products to plastic, steel, paper products as well as machinery and mechanical appliances, vehicles and parts, cinematographic instruments and other miscellaneous manufactured articles.

The increase in exports coupled with the decrease in imports resulted in a narrowing of the trade deficit in June where the trade deficit net of fuels and lubricants decreased by €9.4 million, when compared to the corresponding month of last year."

Finance Minister Edward Scicluna said: “The positive performance in the external sector reflects the increase in local industries’ competitiveness underpinned by reduced production costs especially energy costs, and an environment conducive of investment.”

The figures also confirm an increase in imports of investment goods, amounting to over €672 million for the first half of this year. This reflects the persistent increase in investment which has raised and sustained Malta’s economic growth in the recent years, the government said.