26% drop in Malta exports, Eurostat reports

Malta’s exports dropped by 26% during the first six months of the year when compared to the same period last year.

According to Eurostat, total exports between January and June 2014 totalled €1 billion while total imports totalled €2.1 billion, registering a 10% drop.

The drops in imports and exports come despite Malta’s economy grew by 2.9% in 2013, outperforming the Eurozone average.

The first estimate for the euro area (EA18) trade in goods balance with the rest of the world in July 2014 gave a €21.2 billion surplus, compared with +€18.0 bn in July 2013. The June 20142 balance was +€16.7 bn, compared with +€15.7 bn in June 2013. In July 2014 compared with June 2014, seasonally adjusted exports fell by 0.2% while imports rose by 0.9%.

The first estimate for the July 2014 extra-EU28 trade balance was a €1.7 bn surplus, compared with +€10.8 bn in July 2013. In June 20142 the balance was +€2.8 bn, compared with +€8.6 bn in June 2013. In July 2014 compared with June 2014, seasonally adjusted exports fell by 0.3% while imports rose by 2.3%.

The EU28 deficit for energy decreased (-€171.8 bn in January-June 2014 compared with -€186.3 bn in January-June 2013), as did the surplus for machinery and vehicles (+€123.2 bn compared with +€135.5 bn).

The highest increases in EU28 exports were registered with China (+10% in January-June 2014 compared with January-June 2013) and South Korea (+8%), and for EU28 imports with South Korea (+11%), Turkey (+7%), China and Switzerland (both +5%). The most notable decreases were recorded for exports to Switzerland
(-22%), Russia (-13%) and India (-11%), and for imports from Russia and Japan (both -6%), Norway and Brazil (both -5%).

The EU28 trade surplus increased with the USA (+€49.0 bn in January-June 2014 compared with +€44.4 bn in January-June 2013), but decreased with Switzerland (+€22.6 bn compared with +€44.5 bn) and Turkey (+€9.7 bn compared with +€14.7 bn). The EU28 trade deficit fell with China (-€61.3 bn compared with -€62.4 bn) and Norway (-€18.4 bn compared with -€20.1 bn), but increased with Russia (-€45.3 bn compared with -€44.4 bn).

Concerning the total trade of Member States, the largest surplus was observed in Germany (+€100.7 bn in January-June 2014), followed by the Netherlands (+€31.1 bn), Ireland (+€17.6 bn) and Italy (+€17.3 bn). The United Kingdom (-€60.2 bn) registered the largest deficit, followed by France (-€36.9 bn), Spain (-€11.9 bn) and Greece (-€10.6 bn).