'Malta exports down 30 per cent'

Trade in Malta continued to feel the pinch of the recession, particularly in the manufacturing sector, which has seen exports fall by almost 30 per cent in the first four months of the year.

Statistics issued by Eurostat show that between January and April, Malta had one of the sharpest drops in exports in the EU. The value of exports was €100 million below that in the same period last year.

Eurostat said that in the first trimester of 2009, Malta exported a total value of €0.5 billion in products, 29 per cent less than last year. Fewer exports also resulted in lower imports as many of Malta's exported produces were first imported in raw materials or semi-finished goods.

Between January and April, Malta imported €0.9 billion in products, 20 per cent less than in the same period last year.

The prevailing economic scenario was affecting the entire EU not just Malta. According to Eurostat, all 27 member states reported fewer exports in the period under review.

The sharpest drops, apart from Malta's, were reported by Finland (-35 per cent), Sweden (-32 per cent) and Bulgaria (-30 per cent). Even Germany and France, considered to be the EU's economic motors, both reported sharp drops of 23 per cent over last year.

Eurostat said that the EU27 trade flows with all of its major partners fell.

The largest drops were recorded for exports to Russia (-38 per cent in January-April 2009 compared to the same period last year), Turkey (-36 per cent), South Korea (-24 per cent) and Norway (-22 per cent) and, in the case of imports, from Russia (-42 per cent), Japan and Turkey (both -28 per cent), Brazil (-27 per cent) and Norway (-26 per cent).