Trade deficit triples

Malta registered a trade deficit of €108.5 million in December, up from €34.1 million in the same month of 2012, according to preliminary figures published by the National Statistics Office.

The NSO said imports increased by €36.3 million, while exports decreased by €38.2 million. The increase in the value of imports was primarily due to machinery and transport equipment. Food accounted for the main decrease in exports.

Annual data for last year shows that the trade deficit widened by €11.5 million, to €1,756.2 million, when compared to 2012.

The decrease in imports of €582.3 million was mainly due to mineral fuels, lubricants and related materials, with decreases recorded for all the other major commodity groups, except for machinery and transport equipment.

A decrease of €593.8 million in the value of exports was primarily due to mineral fuels, lubricants and related materials.

A substantial amount of Malta’s trade flows and consequent trade deficit continued to be directed towards the European Union. An increase was registered in imports from Belgium, while decreases were noted from Italy, France, the United Kingdom, Spain, the Netherlands and Germany.

Exports to the euro area declined by €117.6 million, mainly to France, the Netherlands, Italy, Spain, Germany, and Belgium.

Increases in exports were recorded for Libya, Singapore, India, Russia and the Republic of Korea.