Malta had the EU’s third largest rise in exports during the first five months of this year, according to statistics published in Brussels yesterday.

Malta had the EU’s third largest rise in exports during the first five months of this year

Between January and May, Malta exported €1.4 billion worth of products, up €2 million on the same period last year, which works out as a 12 per cent increase, Eurostat said.

At the same time, the island, which is currently in a statistical recession, imported €1.9 billion worth of goods, matching the first five months of 2011.

Only Greece and Latvia registered higher export increases among the 27 member states, at 17 per cent and 14 per cent respectively. Exports from Ireland, Luxembourg and Hungary all fell.

On the other hand, growth in imports was subdued due to the eurozone’s ongoing economic crisis.

Nine member states reported their imports had fallen, with the largest drops in Greece, at 10 per cent down, and Cyprus.

According to GDP statistics issued for the second quarter, the eurozone is currently in recession with an average contraction of 0.2 per cent between April and June.

Cyprus, often compared to Malta due to its similar size and economy, registered a contraction of almost one per cent in GDP during the second quarter.

Malta’s GDP data for this period has not yet been published but between January and March, the economy registered a drop of 0.1 per cent.