Malta’s trade deficit down by €90.5 million to €149.4 million – NSO
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Preliminary figures show that Malta registered a trade deficit of €149.4 million in July 2016, down by €90.5 million on corresponding month of 2015 when it stood at €239.9 million, the National Statistics Office said today.
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) 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.
During the first seven months this year, the trade deficit widened by €55.2 million when compared to the corresponding period last year. Both imports and exports show 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 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.