Malta trade deficit has narrowed in January as imports recorded a drop whereas exports have grown, a provisional data release from national statistics office showed.
Malta international trade showed a deficit of Euro 204.5 million in January. This represented a drop of $134.7 million from the previous year same month. Imports have recorded a drop of Euro 121.8 million whereas exports have shown an increase of $13.0 million in the same period.
The drop in import value was due primary to machinery and equipment of Euro 105.7 million. On the other hand, exports were driven by machinery and transport equipment by Euro 9.2 million and food by Euro 8.7 million.
Malta’s import trade from the European Union hit $332.4 billion accounting for 69.7 percent of total imports. An increase in amount of Euro 87.6 million in import was seen from euro area countries on a year-over-year basis.
The primary growth was seen in Belgium while Canada accounted for main drop in imports. As far as exports, Italy accounted for main increase while the United States have seen the biggest drop.