The NSO’s headline published earlier today about rising exports and foreign trade keeps being obfuscated by oil trading and bunkering operations.
Malta’s exports increased by 19% in August compared with the same month last year. However, much of this headline growth was driven by mineral fuels, lubricants and related materials, raising questions about how much of the increase reflects broader economic activity rather than oil-related trade.
Malta exported €481.4 million worth of goods in August 2026, an increase of €76.9 million over August 2025. Of this increase, €65.1 million came from mineral fuels, lubricants and related materials, while machinery and transport equipment accounted for a further €26.7 million increase. These gains were partly offset by a €30.6 million decline in chemical exports.
The increase in fuel-related exports alone was equivalent to approximately 85% of the overall rise in exports. Without this category, the headline figures would present a considerably different picture of Malta’s trade performance.
The figures also show that imports remained largely unchanged, increasing by just €0.8 million to €777.1 million. Malta consequently recorded a trade deficit of €295.7 million, down from €371.8 million in August 2025.
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