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Malta Trade Deficit Doubles in May

The increase in the value of imports was primarily due to machinery and transport equipment.The increase in the value of imports was primarily due to machinery and transport equipment.

Malta’s trade deficit doubled in May reaching €501.5 million ($571.03 million) compared to €249.8 million in the corresponding month of 2016. The National Statistics Office said imports increased by €120.3 million while exports dropped €131.3 million.

The increase in the value of imports was primarily due to machinery and transport equipment (€135.5 million). On the exports side, mineral fuels, lubricants and related materials (€82.8 million) and chemicals (€77.6 million) accounted for the main decrease, Malta News Agency reported.

During the first five months this year, the trade deficit widened by €152.4 million when compared to the corresponding period of 2016, reaching €1,560.7 million. Both imports and exports decreased, by €194.3 million and €346.7 million respectively.

Lower imports were mainly due to machinery and transport equipment, which decreased by €399.5 million. This was partly outweighed by an increase of €228.4 million in mineral fuels, lubricants and related materials.

On the exports side, the main decreases were registered in chemicals (€239.6 million) and mineral fuels, lubricants and related materials (€134.1 million).

Malta’s trade imports from the European Union reached €1,342.4 million, or 50.3% of total imports. There was an increase of €102.1 million in imports from eurozone countries when compared to the same period of 2016. Main increases and decreases in imports were registered from the Britain (€60.8 million) and Canada (€190.4 million) respectively.  

The main increase in exports was directed to Switzerland (€7.2 million), whereas the United States of America (€221.5 million) registered the highest decrease.

 

 

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