Malta’s trade deficit narrows in October 2024

For the month of October 2024, provisional figures for registered trade in goods in Malta are showing a deficit of €300.4 million as opposed to a deficit of €307.2 million in the corresponding month of 2023.

Total trade in goods: October 2024

Data in this news release presents all international trade in goods registered up to the indicated cut-off date. Provisional data recorded a total trade in goods deficit of €300.4 million during October, compared to a deficit of €307.2 million in the corresponding month of 2023. Imports amounted to €830.3 million, while exports totalled €529.8 million, representing increases in both imports and exports of €69.5 million and €76.2 million, respectively, over the same month of the previous year. The increase in imports was mainly due to Machinery and transport equipment (€51.8 million), and Mineral fuels, lubricants and related materials (€34.4 million), partly offset by a decrease in Food (€16.5 million). On the exports side, the main increases were registered in Food (€34.1 million), and Chemicals (€33.6 million).

Total trade in goods: January-October 2024

During the first 10 months of the year, the deficit widened by €388.6 million when compared to the corresponding period of 2023, reaching €4,050.6 million. Imports stood at €8,285.9 million whereas exports reached €4,235.3 million, representing increases of €870.8 million and €482.2 million, respectively. Higher imports were mainly recorded in Mineral fuels, lubricants and related materials (€588.0 million), and Machinery and transport equipment (€323.8 million), partly offset by a decrease in Food (€67.7 million). On the exports side, the main increases were registered in Mineral fuels, lubricants and related materials (€350.2 million), and Chemicals (€79.6 million).

Goods were imported mainly from the European Union (59.0 per cent) and Asia (20.6 per cent). Similarly, exports were mostly directed to the European Union (34.9 per cent) and Asia (12.8 per cent). The highest increase in imports was recorded from France (€501.5 million), while imports from Germany registered the largest drop (€239.2 million). Exports to the United States of America registered the highest increase (€143.7 million), while those to Germany experienced the largest decrease (€75.8 million).

Trade in goods excluding specific chapters: October 2024

In October, the deficit of trade in goods excluding specific chapters amounted to €116.7 million, compared to a deficit of €224.8 million recorded in the same month of 2023. Imports and exports amounted to €469.3 million and €352.6 million, respectively, thus representing a decrease of 8.3 per cent in imports and an increase of 22.8 per cent in exports over the corresponding month of the previous year.

Trade in goods excluding specific chapters: January-October 2024

During the first 10 months of 2024, the deficit of trade in goods excluding specific chapters narrowed by €98.7 million when compared to the same period of 2023, reaching €2,062.3 million. Imports decreased by 0.7 per cent while exports increased by 2.7 per cent, amounting to €4,574.8 million and €2,512.5 million, respectively.