Two main indicators of the economy, imports and exports, have taken a significant downturn in the first half of this year, according to official statistics released yesterday.

Between January and June, imports were down seven per cent on the same period last year, a decrease of €216 million, down to a total of €2.8 billion.

On the other hand, Malta also saw its exports decline by the same margin, 6.9 per cent, over the first semester, dropping its total exports to €1.9 billion – €145 million less than the same period last year.

According to the National Statistics Office, the decrease in the value of imports was primarily due to mineral fuels, lubricants and related materials. However, other falls were registered, including in the importation of food (down €16 million).

Mineral fuels and related materials accounted for the main drop in exports, with other decreases recorded for miscellaneous manufactured articles, semi-manufactured goods, beverages and tobacco.

The NSO said that, during the first six months of this year, the visible trade gap narrowed by €70.5 million, to €882 million.

A substantial amount of Malta’s trade flows and consequent trade deficit continued to be directed towards the EU with decreases in imports from Italy, the UK, France and Spain.

Italy was by far the main source of imports to Malta, while Germany remained the best trading partner when it comes to exports.