Malta exports in 2014 were the worst over the past four years, new NSO statistics show.

Giving a breakdown of the value of exports since 2011, the NSO said that between January and December 2014, there was a drop of €207 million over the previous year.

According to the NSO, in 2014, Malta’s exports dipped to €3.7 billion in value.

The best performance during the past four years was recorded in 2012 when the value of Maltese products/services sold overseas amounted to €4.4 billion.

Last year, Malta imported about €51 million worth of meat and €44 million worth of dairy produce

On the other hand, the island registered an increase in imports in 2014, reporting €6.3 billion worth of imports, the highest since 2011.

The NSO data shows that the trade deficit last year widened by €835 million, to €2.6 billion, when compare to 2013.

Imports increased by €628 million in value, mainly due to mineral fuels, lubricants and related materials, machinery and transport equipment.

On the other hand, the decrease in the value of exports was primarily due to machinery and transport equipment, mineral fuels, lubricants and related materials and miscellaneous manufactured articles.

Malta’s trade imports from the EU reached €3.1 billion in value last year, amounting to almost 50 per cent of the island’s total imports.

Last year, the highest increase in imports was from Canada and the biggest drop was from Italy.

On the exports side, the main increase was directed to Egypt with Japan registering the highest decrease.

The NSO statistics also show that, last year, Malta imported about €51 million worth of meat and €44 million worth of dairy produce, including eggs.

The importation of pharmaceutical products, including medicine, reached €117 million in value while vehicles and spare parts amounted to €129 million.

In the case of exports, last year, Malta exported almost €100 million worth of fish, €778 million in electrical machinery and €248 million in pharmaceutical products.