Malta: €700 million trade deficit in first quarter

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Balance of trade in Malta stood at -€700 million between January and March, according to estimates published by Eurostat. The economy registered a trade deficit of €400 million in intra-EU trading and of €300 million in extra-EU trading. The results indicated a narrower balance of trade compared with the first quarter of 2019, which reached -€1.3 billion.

The EU27 recorded a trade surplus of €42.7 billion over the same period, higher than the €34 billion produced the year before. Exports to countries outside the bloc decreased by 3.2 percent year-on-year while imports also fell by 5.3 percent.

In March, when member states were introducing drastic anti-coronavirus measures, EU exports and imports shrank by 10.2 percent and 12.2 percent, respectively. The trade balance with extra-EU partners stood at €22.2 billion, nearly six percent higher than the same month last year.

Total intra-EU trade in the first quarter of 2020 was of €760 billion, a decrease of 2.4 percent compared with the same period the previous year. In March, trade among EU members was 7.9 percent lower than March 2019, reaching just under €250 billion.

The European Union’s main trading partners between January and March were the US, the UK, and the China. Balance of trade stood at €37.7 billion and €29.5 billion with the anglophone countries, respectively, while a trade deficit of €39 billion was registered with China.

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