Malta’s trade relationship with the United States cooled notably in 2025.

According to the National Statistics Office (NSO), exports to the US between January and September 2025 totalled €116.6 million, down from €233.7 million in the same period last year – a decrease of roughly 50 per cent.

This follows an exceptional rebound in 2024, when Maltese exports to the US surged by €146 million to reach a record €272 million for the full year.

The latest figures therefore suggest that Malta’s transatlantic trade is stabilising after an unusually strong year rather than entering a prolonged slump.

A correction after a record year

In 2023, Maltese exports to the US stood at €94 million for the first nine months – meaning that, despite the recent drop, the 2025 figure still marks a 24 per cent increase compared to two years ago.

The US remains one of Malta’s most important non-EU trade partners, typically ranking behind the UK and Switzerland but ahead of most Asian markets in terms of export value. The sharp fluctuations in recent years reflect the volatility of Malta’s export mix, which is heavily influenced by re-exports of fuel, pharmaceuticals, and specialised manufacturing goods.

Context

Across all markets, Malta’s exports rose to €5.25 billion in the first nine months of 2025, up by 11.1 per cent from the previous year. Imports, however, climbed even faster – reaching €9.98 billion, an increase of 11.8 per cent – widening the overall trade deficit to €4.73 billion.

The NSO attributes much of this expansion in imports to fuel and machinery, while exports were buoyed by pharmaceutical products and industrial supplies.

Trade with Europe remains dominant

The European Union continues to dominate Malta’s trade network, accounting for around 44 per cent of total imports and 37 per cent of exports. Italy remained Malta’s top European trading partner, with imports worth €1.44 billion and exports of €174 million between January and September 2025.

Outside the EU, Malta saw notable trade activity with Libya, where exports rose to €61.5 million – up from €40.4 million a year earlier – largely driven by fuel re-exports.

Trade with Asia remained significant, particularly with China and Saudi Arabia, although the balance remained negative.