Malta’s total international trade fell by -2.4% this year

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Malta’s total international trade fell to -2.4% between January and July 2019, EUROSTAT reports.

According to new figures from the European data aggregator, Malta traded less within (Intra-EU) and outwith the European Union (Extra-EU) between January and July 2019 than it did in the same period of 2018 (-1.7%), 0.7% less.

Compared with neighbouring Southern EU states, Italy reportedly had an increase in combined international trade to 29.7% in the same period, up from 24.7% in 2018. Spain also reported negative figures at -18.1%, up from the -19.4% in 2018. Portugal is also negative at -12.1%, down from the -8.9% on 2018. Greece records a one percent decrease in total trade from -12.8% in 2019, down from the -11.8% in 2018.  Cyprus recorded a 6% decrease in the same period, from 2.3% in 2018 to 2.9% in 2019.

Japan, Malta’s biggest ‘extra-EU’ export market in 2018

Germany is recorded to have the highest balance of total international trade both within and outside the EU area (133.5%), up from 141.7% in 2018. The United Kingdom on the other hand, records the highest amount of negative total trade -106.5%, down from 88.5% in the same six month period in 2018.

Overall, the EU28 traded around €181.2 billion worth of exports to countries outside the European Union by July 2019. That was reported to be 6.1% higher than July 2018 €170.8bn. The United States  (€260.6bn) and China (€128.7bn) were the biggest export market for EU28 products and services. Imports from the rest of the world were recorded to be €181.3bn, up by 6.3% on July 2018 figures (€170.6bn). Again, the United States (€169.3bn) and China (€237.8bn) accounted for the EU28’s top countries it imported most from. A deficit of €0.1bn was recorded in July 2019.

Between January and July 2019, Machinery and vehicles accounted for the EU28’s biggest Extra-EU exports and imports; €478.8bn and €373.4bn respectively. Other manufactured goods like accounted for exports €267.6bn and imports €297.7bn. Chemicals were third sitting at exports €225.9bn and imports €130.2bn. These all represented increases on the same six month period in 2018.