Maltese exports fell by 35 per cent in the first two months of the year, the second biggest drop in the EU, according to the latest statistics published in Brussels.

According to Eurostat, the value of exports from Malta declined by €100 million in January and February compared to the same period last year. As the global recession forced many manufacturing industries to slow production due to lower demand, Malta exported €200 million worth of products against the €300 million in the first two months of last year.

All EU member states registered a lower trade flow in the period under review.

The hardest hit in terms of exports was Finland, posting a drop of 37 per cent followed by Malta, Sweden (-34 per cent) and Hungary (-30 per cent). The biggest economies, Germany and France, each suffered a drop in exports of 24 per cent.

Malta's imports also suffered a slump, although not as bad as exports did. In the first two months of this year, importation dipped by 18 per cent, from €500 million in value in the first two months of 2009 to €400 million.

The situation was not so different in Europe, with imports decreasing across the board, the highest drop registered in Lithuania (-41 per cent).

The UK imported 26 per cent less than it had done in the first two months of last year. Other big economies, which registered a drop in importation particularly due to slower consumption trends, were Germany (-16 per cent), Spain (-17 per cent), Italy (-24 per cent) and Poland (-30 per cent).