Malta's trade deficit narrowed in the first two months of 2021, compared to the same period last year.

The National Statistics Office reported a deficit of €112 million in February, an improvement of €24 million over the deficit recorded in the same month last year.

It said provisional data shows that imports amounted to €350.9 million, while exports totalled €238.9 million, a decline of €129.7 million and €105.6 million, respectively. 

The decrease in the value of imports was primarily due to machinery and transport equipment (€82.8 million). On the exports side, the main drops were registered in mineral fuels, lubricants and related materials (€53.9 million) and machinery and transport equipment (€37.1 million). 

Drop in machinery imports

During the first two months of the year, the total trade in goods deficit narrowed by €203.5 million when compared to the corresponding period of 2020, reaching €212.4 million.

Both imports and exports decreased by €382 million and €178.4 million, respectively, and amounted to €706.4 million and €494 million.

Lower imports were mainly recorded in machinery and transport equipment (€182 million) and mineral fuels, lubricants and related materials (€131 million), while on the exports side, mineral fuels, lubricants and related materials (€128.4 million) accounted for the main decline.

The major import partners were the European Union (61.7%) and Asia (20.8%). Similarly, exports were mostly directed to the European Union (48.5%) and Asia (15.1%).

The main increase and decrease in imports were registered from Greece (€32.8 million) and China (€92.9 million), respectively.

With respect to exports, the main increase was directed to Italy (€19.7 million), whereas Germany reported the highest decrease (€51.5 million).