Malta saw a steep rise in its exports in the first three months of the year, boosting the perception that the economy may be on the way to recovery following the recession.

Eurostat figures published in Brussels yesterday show that between January and March, Malta's exports soared by 36 per cent compared to the same period in 2009, the biggest increase in the EU.

According to the EU's statistics arm, during the first three months of this year Malta exported €500 million worth of products and services against €300 million exported last year.

None of the other member states managed a better performance, although nearly all, with the exception of Luxembourg, Ireland and Finland, registered an increase.

The closest growth to Malta's was seen in Romania, which managed a 21 per cent rise in exports.

"This is good news for Malta and a sign the economy is fast gaining ground," a Eurostat official said. "Although it is early, an increase in exports is very important for a small open economy such as Malta's and it augurs well for the rest of the year," he added.

With regard to imports, Malta also registered a growth in the same period although at a slower rate than in its exports. The total value of imports reached €700 million, or a 10 per cent rise over the same period of 2009.

The highest increase in imports in the EU was registered by Sweden (19 per cent) followed by Poland (17 per cent) and the Czech Republic (16 per cent).

Six member states registered a decrease in imports during the first quarter of this year. Ireland topped the list with a decrease of -10 per cent.