Almost half of Malta’s extra-EU imports of goods were paid for in Euros last year, new figures from Eurostat show.
According to the European statistical data aggregator, 48% of Malta’s imports from countries outside the EU, were bought and paid for using the Euro currency, while 47% were invoiced using US dollars in 2018.
This places Malta near the higher end of European member states importing goods doing the same and paying in the Euro or US Dollar currencies.
Slovenia (66%), Austria (62%), Slovakia (61%), Latvia (54%), Croatia (53%) imported more in Euros than Malta. The United Kingdom imported the least from the EU using Euros (5%), instead importing more in US Dollars (66%). Greece was recorded to have paid more for imports from the US than other member states (77%).
As for Extra-EU exports of goods invoiced in the different currencies, Malta is nearer to the bottom of the scale of countries exporting less. According to the figures, Malta exported only 38% in Euros along with 43% exported in US Dollars. Following Malta are the member states Belgium (Euro 37% – USD 51%), Greece (Euro 34% – USD 65%), Denmark (Euro 23% – USD 32% – Other 45%), Sweden (Euro 20% – USD 35% – Other 45%) and Ireland (Euro 14% – USD 71% – Other 15%)
The United Kingdom once again sits at the bottom of scale for Extra-EU exports in invoicing currencies. The country records a 4% paid in Euros, 45% in US Dollars and 51% paid in other currencies.
Petroleum paid for in US Dollars
The Eurostat report also states that US Dollars also accounted for the Extra-EU Import and Export of petroleum. While it accounted for 88% of imports paid, it also reflected 63% of exports paid. Where Euros accounted for more, were in the import and expor of goods that were not petroleum or manufactured goods.
Euros most popular currency for Extra-EU exports in 2018
According to the Eurostat figures, the European Union exported almost half of its total goods in Euros last year (48%). This is compared to 35% of its exports from non-European states in US Dollars. The aggregator says that this is ‘reversed for imports.’ Over half of imports in 2018 were paid for in US Dollars with almost a third paid in Euros (35%).