Maltese exports last October seem to have suffered a sudden downturn according to new data issued by Eurostat this morning.
While growth of Maltese exports until last September was booming, registering an increase of 46 per cent over the same value of 2010, a poor performance in October has slashed Malta's year on year growth to just 5 per cent.
According to Eurostat officials, the new data might be another indication that the island will be hit by looming economic prospects this year, with many member states expected to enter a recession.
"Malta's exports depend mainly on demand from the EU's main markets and demand is slowing all over the EU," the officials said.
Eurostat said that between January and October, Malta exported €2.3 billion worth of products, an increase of €100,000 on the previous year.
At the same time, imports continued to rise, with an increase of €400,000 in value up to a total of €3.6 billion.
Eurostat said that all 27 EU member states managed to increase their exports during the first ten months of last year, with Estonia at the growth helm with an increase of 44 per cent.
On the other hand, imports only decreased in Greece and Cyprus.