Malta's trade deficit rose by €16.8 million in August when compared to the same month in 2015, new figures released by the National Statistics Office show.
Preliminary data showed Malta's trade deficit at €203.8 million during that month. In August 2015, that figure stood at €187 million. Both imports and exports decreased by €1.9 million and €18.8 million respectively.
The 'balance of trade' is the difference between a country's exports and imports. A country has a trade deficit if it imports more than it exports; the opposite scenario is a trade surplus.
The decrease in the value of imports was primarily due to machinery and transport equipment (€35.2 million), the NSO said. This was partly outweighed by an increase of €23.7 million in mineral fuels, lubricants and related materials . On the exports side mineral fuels, lubricants and related materials (€18.3 million) accounted for the main decrease.
Year-to-date
The trade deficit has widened even more pronouncedly when comparing the first eight months of the year to the same period in 2014, up by €93.8 million. Both imports and exports show an increase of €160.3 million and €66.5 million respectively. Higher imports were mainly due to machinery and transport equipment, which increased by €347.0 million. This was partly outweighed by a decrease of €122.6 million in mineral fuels, lubricants and related materials. The increase in the value of exports was mainly triggered by chemicals (€559.4 million). This was partly outweighed by a decrease of €380.3 million in mineral fuels, lubricants and related materials (Table 2).
Both imports and exports show an increase of €160.3 million and €66.5 million respectively. Higher imports were mainly due to machinery and transport equipment, which increased by €347.0 million. This was partly outweighed by a decrease of €122.6 million in mineral fuels, lubricants and related materials. The increase in the value of exports was mainly triggered by chemicals (€559.4 million). This was partly outweighed by a decrease of €380.3 million in mineral fuels, lubricants and related materials, the NSO said. .