Ivan Camilleri, Brussels
Trade figures reveal hard blow from recession
Malta's trade in 2008 suffered the largest drop in the EU when compared to the previous year.
New trade balance figures published by Eurostat yesterday in Brussels show that Malta registered a sharp 15 per cent decline in its exports and another 10 per cent in imports. Although the trade balance during the year remained the same when compared to 2007, this was a significant drop the trade volume normally registered by the island.
These new statistics, together with recent tourism figures published by Eurostat showing that the island suffered a sharp decline in arrivals during the fourth quarter of the year, confirm that Malta is being hit hard by the international recession.
The EU's statistics office said that while in 2007 Malta exported €2.2 billion worth of goods, the volume fell to €1.9 billion last year, a drop of 15 per cent. Imports also registered a 10 per cent dip, from €3.5 billion in 2007 to €3.1 billion in 2008.
In the local context, imports and exports are closely associated as imported raw materials are often re-worked and exported - as is the case with semiconductors which use silicone and metals among others.
Malta's trade balance - the difference between imports and exports - last year stood at the same level as that of 2007 at €1.2 billion.
According to Eurostat, Malta's negative trade figures were the worst among the 27 EU member states. In fact, the two other member states which registered a decline in exports did not see drops as significant as Malta's. Ireland's exports in 2008 fell by five per cent on 2007 while UK exports dropped by three per cent.
The majority of member states actually saw an increase in exports.
With a 28 per cent increase, Lithuania has by far outdone the other member states, followed by Romania and Slovakia which also registered a year-on-year exports increase of 14 per cent respectively.
Eurostat said that on a general level, EU27 trade with most of its major international partners grew, with the exception of exports to the US (five per cent down) and Japan (three per cent down), and imports from Japan and South Korea (both down five per cent) and Turkey (minus two per cent).
The largest increases were recorded for exports to Brazil (+24 per cent) and Russia (+18 per cent), and for imports from Russia and Norway (both +20 per cent).
Popular Stories
Update 3: Woman found dead in car,...
Updated: Woman dies in car crash
Part of Dwejra 'Azure window' collapses
The end of the bar that ‘never closed’
Carm Mifsud Bonnici resigns after...
Bundy does not know whether to...
Updated - Jason Micallef demands...
This WAS the night - Kurt makes it...
Petrol price up 6c
In Discussion
Updated - Jason Micallef demands...
Gozo tunnel could take 5-7 years to...
CABS remote controlled aircraft shot...
Joseph Calleja condemns portrayal of...
Updated: Labour would give...
CABS drone shot down
Second group of migrants arrives
Carm Mifsud Bonnici resigns after...
Adrian Vassallo in scathing...
8 Comments
Post comment
Please sign in or create your Account to post comments.
L..Galea
Mar 24th 2009, 22:37
Does anyone (except Gonezipn apologists) still believe any Minister or government statistics?
Louis Gialanze
Mar 24th 2009, 14:33
We are all being impoverished slowly but surely.Only the smug, the comfortable or well connected have any cash to spare. We don't need Eurostat to tell us how things are on the ground. Just ask the infantry - the commercial sector or better still see for yourself the empty shops of Valletta. I hate being the harbinger of bad news but things are bound to get worse before they get better.
Jb.bartolo
Mar 24th 2009, 14:27
* Malta not hit by recession, Pull the other one its got bells on it, the worse is still to come and tell this guy to go back on the radio and eat his words, talking about smoothing things out but this is ridiculous, everyone is hit with one of the worse recession ever,worse even since the depression of the 30's. Its people like that i just cannot abide when they know they are talking from the back of you know what., He wants to come to Britain and then he can see for himself -Malta relies on tourisim and the British are one of the main contributors, just wait till the summer season starts then turn on your radios..................................................... Full Stop!
P.Cassar
Mar 24th 2009, 13:38
THE LAST QUARTER MEANS OCTOBER NOVEMBER DECEMBER. ISN'T THIS EXACTLY THE TIME WHEN TONIO FENECH WAS CONTINUALLY SAYING ON RADIO AND TV THAT MALTA WAS NOT BEING HIT BY RECESSION? WE HAVE TO REMEMBER THAT HE SHOULD KNOW AT LEAST WHAT'S HAPPENING AROUND HIM SINCE HE IS THE FINANCE MINISTER. WHY DOSEN'T GONZI SEND FOR HIM AND TELL HIM TO RESIGN RATHER THEN TAKING GONZI AND THE MALTESE FOR A RIDE.
M.BryanGalea (aus)
Mar 24th 2009, 11:15
Good on you Charles you HIT THE NAIL ON THE HEAD 100% correct.
Charles Muscat
Mar 24th 2009, 10:34
What Malta had in mind by joining EU? You joined the EU for hand outs and nothing else.
You just sit there and wait for the next manna.
leonardo vince
Mar 24th 2009, 09:52
According to Eurostat, Malta's negative trade figures were the worst among the 27 EU member states. Are you sure?????
We have been fed that we are sort of avoiding any of the worst effects of the recession. And being the worst in Europe? Unbelievable! given the level of grey matter we boast of on these islands. We joined the EU to scrape the bottom of its barrel.
mario gellel
Mar 24th 2009, 09:44
Eurostat says we are in last position with our EU partners.
Gonzipn says we are doing better than expected
Who is saying the truth?