Malta goods trade deficit widens to hit €1.3 billion over first six months of 2021

During the first half of 2021, Malta’s total trade in goods deficit widened by €21.2 million compared to the same period last year, to reach €1.314 billion, according to new figures released by the National Statistics Office (NSO).

This rise came as both imports and exports decreased by significant levels in the half-year, falling by €79.8 million and €101.0 million respectively, to hit €2,832.4 million and €1,518.1 million.

Lower imports were mainly recorded in the Machinery and transport equipment sector, which stood at €71.1 million, whereas on the exports side Mineral fuels, lubricants and related materials sank the furthest to €147.1 million.

Malta’s trade balance was only positive overall in one sector – Miscellaneous manufactured articles – where the country exported goods worth €52 million more than those it imported.

Regarding trade partners, most goods were imported from the EU, which accounted for 53.7 per cent of overall imports, and Asia, which accounted for 18.5 per cent.

Exports were also mostly directed to these regions, with 45.7 per cent of outgoing goods being sent to the EU and 16.2 per cent being sent to Asia.

Malta had a trade surplus with only four markets, according to the figures: Germany (+€41.0 million), Africa (+€115.9 million), Singapore (+€26.2 million), and South America (+€7.1 million).

Regarding June specifically, a total trade in goods deficit of €274.7 million was recorded, compared to a deficit of €242.3 million a year earlier.

Imports amounted to €529.5 million, whereas exports totalled €253.8 million. This represents an increase of €47.5 million and €15.2 million respectively, over the same month a year earlier.