Trade deficit doubled compared to last year

The trade deficit for the period January-February 2023 doubled compared to the same period 2022. According to data published by the Statistical Service on Monday, the trade deficit was €1,927.7 mn for the first two months of 2023, compared to €964.1 mn in the corresponding period of 2022.
Total imports of goods in January–February 2023 amounted to €2,474.3 mn as compared to €1,487.4 mn in January–February 2022, recording an increase of 66.3%. Total exports of goods in January–February 2023 were €546.6 mn compared to €523.3 mn in January–February 2022, registering an increase of 4.5%.

According to provisional data for February 2023, total imports of goods were €762 mn as compared to €736.3 mn in February 2022, recording an increase of 3.5%. Imports from other EU Member States were €527.1 mn and from third countries €234.9 mn, compared to €461.4 mn and €274.8 mn respectively in February 2022. Imports in February 2023 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €56.8 mn as compared to €64.5 mn in February 2022.

Total exports of goods in February 2023 were €231.1 mn as compared to €300.9 mn in February 2022, recording a decrease of 23.2%. Exports to other EU Member States were €62.7 mn and to third countries €168.3 mn, compared to €68.8 mn and €232.1 mn respectively in February 2022. Exports in February 2023 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €60.2 mn as compared to €70.6 mn in February 2022.

The Statistical Service published the final data for January 2023 as well. Total imports of goods amounted to €1,712.3 mn in January 2023 as compared to €751.2 mn in January 2022, recording an increase of 127.9%.

Exports of domestically produced products, including stores and provisions, in January 2023 were €140.1 mn as compared to €101.3 mn in January 2022, recording an increase of 38.3%.

Domestic exports of industrial products in January 2023 were €132 mn compared to €93.5 mn in January 2022, whilst domestic exports of agricultural products in January 2023 were €7.3 mn compared to €6.7 mn in January 2022.

Exports of foreign products, including stores and provisions, in January 2023 were €175.5 mn as compared to €121.1 mn in January 2022, recording an increase of 44.9%.