In data provided by the National Statistics Office today, preliminary figures show that Malta registered a trade deficit of €127.7 million in February 2017, down by €438.4 million from the figure of €566.1 million in the corresponding month of 2016.

The NSO said that both imports and exports decreased by €450.3 million and €11.9 million respectively.

“The decrease in the value of imports was primarily due to machinery and transport equipment (€391.6 million), while on the exports side, machinery and transport equipment (€4.8 million) and chemicals (€4.6 million) accounted for the main decrease,” it said.

The trade deficit during the first two months this year, narrowed by €222.2 million when compared to the corresponding period of 2016, reaching €504.5 million. The NSO added that imports show a decrease of €205.7 million while exports increased by €16.5 million.

It said that lower imports were mainly due to machinery and transport equipment, which decreased by €310.3 million. “This was partly outweighed by an increase of €150.2 million in mineral fuels, lubricants and related materials.”

The main increase on the exports side was registered in mineral fuels, lubricants and related materials (€38.0 million), partly outweighed by decreases in machinery and transport equipment (€10.6 million) and chemicals (€6.6 million).

Trade imports from the European Union reached €443.8 million, or 47.0 per cent of total imports. The NSO said that there was an increase of €2.5 million in imports from euro area countries when compared to the same period of 2016.

The National Statistics Office concluded its statement by saying that main increases and decreases in imports were registered from the Russian Federation (€42.3 million) and Germany (€19.5 million) respectively. On the export side, the main increase was directed to the United States of America (€8.0 million), whereas Germany (€14.9 million) registered the highest decrease.

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