Malta’s trade deficit narrows as import shifts and export rebalancing continue in 2026

Malta’s international trade flows continued to evolve through December 2025, with provisional figures showing a trade deficit of €191.7 million, down sharply from a deficit of €369 million in the same month of 2024. The improvement reflected both a decrease in imports and an increase in exports compared with the previous year.

According to the National Statistics Office’s latest release, imports in December 2025 amounted to €647.6 million, representing a drop of €117 million over December 2024. Exports totalled €456 million, up by €60 million during the same period.

Imports: Mineral fuels and machinery drive decline

The reduction in imports was largely driven by Mineral fuels, lubricants and related materials (€75.8 million) and Machinery and transport equipment (€42 million). Overall, the European Union remained Malta’s primary source of goods, accounting for 61.5 per cent of total imports, followed by Asia with 19.5 per cent.

At the country level, the largest increase in imports was recorded from the Netherlands (€193 million), while imports from Italy dropped the most (€172 million). These changes suggest a continued realignment of Malta’s sourcing patterns within the EU, reflecting adjustments in trade routes, sector-specific demand, and supply chain dynamics.

Exports: Mineral fuels boost growth, Turkey strengthens as a destination

On the export side, Mineral fuels, lubricants and related materials contributed €59.1 million to growth, supporting a broader increase in December shipments. Turkey recorded the highest growth in Maltese exports for 2025 (€45.5 million), while exports to the United States declined the most (€110 million), following an unusually strong rebound in 2024.

Despite this decline, the US remains a significant destination, and the overall picture points to a normalisation rather than a structural weakening of trade. Exports are still supported by a diverse mix of goods, including industrial supplies, chemicals, and specialised manufactured products.

Full-year 2025 overview

Over the full year, Malta’s trade deficit narrowed by €444 million compared with 2024, reaching €4,321 million. Total imports for 2025 stood at €9,207 million, while exports totalled €4,886.0 million, representing decreases of €811 million and €367 million, respectively, compared with the previous year.

Lower imports were mainly due to reductions in Mineral fuels (€573 million) and Machinery and transport equipment (€414 million), partly offset by a rise in Chemicals (€188 million). Export declines were concentrated in Machinery (€204 million) and Mineral fuels (€182 million), while chemicals rose modestly (€53 million).

Trade remained concentrated within the European Union, which accounted for 61.5 per cent of imports and 35.6 per cent of exports, with Asia following at 19.5 per cent of imports and 15.2 per cent of exports.

When excluding high-value sectors such as Mineral fuels, aircraft, and ships, the December 2025 trade deficit stood at €140 million, compared with €127 million in the same month of 2024. Imports rose by 4.5 per cent to €431.9 million, while exports grew by 1.9 per cent to €291 million. For the full year, this segment recorded a deficit of €2,621 million, with imports up 2.5 per cent and exports down 2.4 per cent.