Trade deficit narrows by €155.8m
Preliminary figures show that the trade deficit narrowed by €155.8 million in November when compared to the corresponding month a year earlier.
Provisional data for international trade show that the trade deficit in November stood at €18.2 million, down by €155.8 million when compared to 2012 levels. Decreases were recorded in both imports and exports of €199.9 million and €44.1 million respectively. The decrease in the value of imports was primarily due to mineral fuels, lubricants and related materials. Other decreases were registered in all the other major commodity groups. A significant increase in the export of food, mainly fish, was offset by a drop in exports of mineral fuels, lubricants and related materials. Other decreases in exports include machinery and transport equipment, chemicals, beverages and tobacco, and miscellaneous transactions and commodities.
Between January and November 2013, the trade deficit narrowed by €72.1 million, to €1,635.9 million. The decrease in imports of €636.7 million was mainly due to mineral fuels, lubricants and related materials, with other declines recorded for all the other major commodity groups except for machinery and transport equipment. Exports registered a drop in value of €564.6 million, primarily due to mineral fuels, lubricants and related materials.
Other decreases were noted for machinery and transport equipment, semi-manufactured goods, miscellaneous manufactured articles, miscellaneous transactions and commodities, beverages and tobacco, and crude 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 Greece, while decreases were noted from Italy, Spain, the United Kingdom, France, Germany, and the Netherlands. Exports to the euro area declined by €130.6 million, mainly to France, Italy, the Netherlands, Spain, and Germany. Increases in exports were recorded for Japan, Greece, Libya, India, Russia, and the Republic of Korea.