Preliminary figures show that Malta registered a trade deficit of €223.0 million in November 2017, compared to €112.5 million in the corresponding month of 2016, the NSO said today.
International Trade: November 2017
Provisional data for international trade show that the trade deficit in November stood at €223.0 million, up by €110.5 million when compared to the corresponding month of 2016. Imports increased by €40.1 million, while exports show a decrease of €70.4 million. The increase in the value of imports was primarily due to mineral fuels, lubricants and related materials (€29.6 million).
On the exports side, mineral fuels, lubricants and related materials (€42.8 million) and food (€35.4 million) accounted for the main decrease in the value of exports.
January-November 2017
During the first 11 months last year, the trade deficit widened by €460.1 million when compared to the corresponding period of 2016, reaching €3,078.1 million. Both imports and exports show decreases of €472.1 million and €932.1 million respectively. Lower imports were mainly due to machinery and transport equipment, which decreased by €704.9 million. This was partly outweighed by an increase of €147.4 million in mineral fuels, lubricants and related materials.
On the exports side, the main decreases were registered in chemicals (€580.6 million) and mineral fuels, lubricants and related materials (€338.6 million).
Malta’s trade imports from the European Union reached €3,003.8 million, or 53.4 per cent of total imports. There was a decrease of €15.3 million in imports from euro area countries when compared to the same period of 2016. Main increases and decreases in imports were registered from the Russian Federation (€125.5 million) and Canada (€347.2 million) respectively. On the export side, the main increase was directed to Tunisia (€15.7 million), whereas the United States of America (€604.7 million) registered the highest decrease.
Sharp decline in exports- PN
In a statement, the Nationalist Party noted the sharp decline in the export of goods during November and during the first eleven months of 2017.
“In the period January to November 2017, imports decreased by 8% while exports of goods (net of fuel) dropped by a staggering 29% when compared to the corresponding period in the previous year.
International trade statistics are one of the most important indicators for the manufacturing sector. Six out of the ten main production sectors exported less in 2017 than they did in 2016. Two sectors saw no change year-on-year while only two sectors out of ten saw an increase in the level of exports between 2016 and 2017,” the PN said.
In its statement, signed by Mario de Marco, Kristy Debono and Claudio Grech, the PN said “the government, despite repeated calls from the Opposition and from the Chamber of Commerce and the Employers Association, failed to take concrete action to strengthen the competitiveness of Malta’s manufacturing sector. Government is refusing to implement a number of recommendations put forward, including the proposals to lower energy tariffs and lower the price of fuel.
Labour’s pledge to prioritise the manufacturing sector fell on the wayside along with the promise of good governance, transparency and accountability.”