Provisional figures for registered trade in Malta recorded a trade deficit of €84.2 million during October 2020, compared to a deficit of €311.1 million in the corresponding month of 2019.
International Trade in Goods: October 2020
Data in the National Statistics Office’s latest release presents all international trade in goods registered up to a cut-off date of 1st December, with both imports and exports registering a decrease of €308.6 million and €81.7 million, respectively, when compared to the same month last year.
The major decreases in the value of imports were recorded for machinery and transport equipment (€157.6 million) and mineral fuels, lubricants and related materials (€64.1 million).
On the exports side, the main decrease was registered in mineral fuels, lubricants and related materials (€49.2 million).
January-October 2020
During the first ten months of this year, the trade deficit narrowed by €1,529.1 million when compared to the corresponding period of 2019, reaching €1,974.0 million.
Both imports and exports decreased by €1,993.5 million and €464.4 million, respectively.
Lower imports were mainly recorded in machinery and transport equipment (€1,296.4 million) and mineral fuels, lubricants and related materials (€512.7 million).
On the exports side, mineral fuels, lubricants and related materials (€339.0 million) and machinery and transport equipment (€100.1 million) accounted for the main decreases.
Imports from the European Union reached €2,321.3 million, or 51.9 per cent of total imports.
There was a decrease of €438.9 million in imports from euro area countries when compared to the same period in 2019.
Main increases and decreases in imports were registered from China (€108.2 million) and the United Kingdom (€986.6 million), respectively.
With respect to exports, the main increase was directed to Hong Kong (€13.3 million), whereas Italy registered the highest decrease (€139.0 million).
Read next: Finance Minister Clyde Caruana praises investment at customs following major cocaine bust
ECB lowers key interest rates by 25 basis points in response to inflation outlook
While inflation remains high, the ECB projects it will ease in the second half of next year
HSBC Malta share price drops sharply following strategic review announcement
Market analysts suggest that the uncertainty surrounding the review, with speculation of an impending sale, has fuelled investor concerns
‘This is true one-touch implementation designed with SMEs in mind’ – Roderick Farrugia, CIO, Melita Limited
A walk through the primary cybersecurity threats facing today’s SME’s and Melita’s practical solutions to combat them