Be the first to comment!Trade deficit went up by €258.4 million in May to €386.9 million – NSO
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The National Statistics Office said today that preliminary figures show Malta registered a trade deficit of €386.9 million in May, up by €258.4 million when compared to the corresponding month last year when it stood at €128.5 million.
The data from the NSO show that imports registered an increase of €144.7 million while exports declined by €113.7 million. The increase in the value of imports was primarily due to machinery and transport equipment (€257.1 million). Other increases were recorded for semi-manufactured goods, food, miscellaneous transactions and commodities, and crude materials.
Regarding exports, mineral fuels, lubricants and related materials accounted for the main decrease (€111.5 million), while miscellaneous manufactured articles, semi-manufactured goods, beverages and tobacco, miscellaneous transactions and commodities, and machinery and transport equipment also registered decreases.
During the first five months this year, the trade deficit widened by €549.0 million, to €1,181.4 million when compared to the corresponding period last year. Imports increased by €325.2 million, while exports registered a decline of €223.7 million.
Higher imports were mainly due to machinery and transport equipment (€680.0 million), while the decrease in the value of exports was triggered by lower mineral fuels, lubricants and related materials (€239.5 million), machinery and transport equipment (€10.0 million), and beverages and tobacco (€4.2 million).
Malta’s trade imports from the European Union reached €1,441.9 million, or 55.1 per cent of total imports. There was an increase of €226.4 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 Netherlands (€235.6 million) and the United States of America (€126.6 million) respectively. On the export side the main increase was directed to China (€17.6 million), whereas Italy (€44.7 million) registered the highest decrease.
