Malta's trade deficit was €90.5 million lower in July of this year than it was 12 months before that, new figures released by the National Statistics Office show. 

Preliminary figures show that the country's trade deficit stood at €149.4 million in July, when compared to €239.9 million in the corresponding month of 2015. 

While the trade deficit narrowed when comparing July 2016 to that of the previous year, NSO figures comparing the first seven months of this year to the same period last year show it widening by €55.2 million. 

When assessing the trade deficit in July, the NSO found that both imports and exports increased by €54.5 million and €144.9 million respectively. The increase in the value of imports was primarily due to machinery and transport
equipment (€60.8 million) and mineral fuels, lubricants and related materials (€56.8 million).

This was partly outweighed by a decrease of €46.3 million in semi-manufactured goods. Chemicals (€249.6 million) accounted for the main increase in exports. This was partly outweighed by a decrease of €99.6 million in mineral fuels, lubricants and related materials.

 

January-July 2016

When comparing the first seven months of the year to the corresponding period last year, both imports and exports showed an increase of €138.1 million and €83.0 million respectively.

Higher imports were mainly due to machinery and transport equipment, which increased by €375.2 million. This was partly outweighed by a decrease of €150.5 million in mineral fuels, lubricants and related materials, the NSO said. 

The increase in the value of exports was mainly triggered by chemicals (€556.5 million). This was partly outweighed by a decrease of €363.3 million in mineral fuels, lubricants and related materials.

Malta’s trade imports from the European Union reached €1,781.3 million, or 43.9 per cent of total imports. There was a decrease of €343.8 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 Caribbean and Bahamas Islands (€549.1 million) and the Netherlands (€226.7 million) respectively. On the export side the main increase was directed to the United States of America (€589.1 million), whereas Africa (€263.2 million) registered the highest decrease. 

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