Malta’s trade deficit in March fell by €66 million when compared to the corresponding month last year, new figures show.

But despite narrowing the deficit in March, the first three months of this year saw the deficit widen by €171.6 million, as imports increased by €89.5 million while exports fell by €82 million.

The EU continued to dominate Maltese trade, with 38.5 per cent of all imports (€645.7million) coming from the trade bloc. That figure however was €55.9 million less than in the corresponding period last year.

National Statistics Office international trade figures revealed that the trade deficit stood at €178 million in March, down from €244 million in March 2015. Both imports and exports increased by €6.9 million and €73.1 million respectively.

When comparing the January to March period, the figures told a somewhat different story. Machinery and transport equipment pushed import figures up by €284 million, with the increase partially offset by a decline of €185.3 million in the importation of mineral fuels, lubricants and related materials.

The decrease in the value of exports 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.

Main increases and decreases in imports were registered from France (€36 million) and Canada (€103.2 million) respectively. On the export side the main increase was directed to the United States of America (€157 million), whereas Egypt (€78.8 million) registered the highest decrease, the NSO said.