The trade deficit saw a notable increase of approximately €574 million in the first half of 2023 when compared to the corresponding period of the previous year. This increase occurred despite a substantial reduction in imports during the months of May and June 2023, as compared to the same months in the previous year.

According to the latest data released by the Statistical Service on Wednesday, the trade balance deficit for the period spanning January to June 2023 amounted to €4,393.6 million. In contrast, the corresponding period in 2022 had seen a deficit of €3,819.3 million.

For the initial half of 2023, the total value of imported goods was €6,358.4 million, showcasing a 12.0% rise from the €5,674.8 million recorded for the same timeframe in 2022. 

Concurrently, the total value of exported goods during the January to June 2023 period reached €1,964.8 million, marking a 5.9% increase from the €1,855.4 million reported for the preceding year.

Total imports of goods in June 2023 were valued at €984.0 million, reflecting a notable decline of 18.3% when contrasted with the €1,204.0 million recorded in June 2022. Further scrutiny of these figures indicates imports from other EU Member States amounted to €596.9 million, while imports from third countries were valued at €387.1 million. By comparison, June 2022 had seen imports of €579.0 million from EU Member States and €625.0 million from third countries. 

A noteworthy inclusion in the June 2023 imports was the transfer of economic property in mobile transport equipment (ships), amounting to €83.9 million – a substantial reduction from the €364.7 million reported in June 2022.

Likewise, the overall value of exported goods in June 2023 stood at €320.9 million, indicating a significant uptick of 9.3% from the €293.6 million recorded in June 2022. Of this, exports to other EU member states reached €119.6 million, and exports to third countries totaled €201.3 million. In contrast, June 2022 had seen exports of €107.2 million to EU member states and €186.5 million to third countries. 

Notably, the economic property transfer of mobile transport equipment (vessels) contributed €83.4 million to the June 2023 exports, a notable improvement from the €39.3 million reported in June 2022.

Total imports of goods for May 2023 were valued at €987.9 million, marking a considerable decrease of 15.3% from the €1,165.7 million reported in May 2022.

In May 2023, exports of domestically produced goods, inclusive of ship and aircraft supplies, reached €240.4 million – a 14.8% increase from the €209.4 million reported in May 2022.

Of note, the value of industrial product exports for May 2023 reached €227.7 million, compared to €195.6 million in May 2022. Additionally, exports of agricultural products for May 2023 amounted to €11.5 million, down from €13.0 million in May 2022.

Finally, the exports of foreign products, which included ship and aircraft supplies, amounted to €134.1 million in May 2023, indicating a notable decrease of 40.6% from the €225.7 million reported in May 2022.