The sale of goods to the European Union generated €1.4m in net losses for Malta’s current account in 2018, provisional figures show.
According to figures (in € 000s) from the National Statistics Office, goods sales to the European Union created a net loss for Malta of €-1,466,703. This was the largest net loss across the sector, where countries of the Euro Area (€-1,121,034), Extra Euro Area (€-488,068) and Extra EU (€-142,399) registered losses. Combined, this represented €-1,609,101. This was over €108,000 greater in losses than 2017, €1,500,170.
Consequently, Malta reported a loss of €-1,232,990 in its Primary Income from the EU, while the Extra Euro Area registered a net loss of €-104,558 for its Secondary Income sector.
Conversely, net profits were reported in its Services to the EU. According to the provisional figures for 2018, Malta was registered as having made €2,910,023 profits. This was trumped by much bigger profits from services to the Extra Euro Area, €3,007,519. This sector generated an overall profit of €4,070,171.
First quarter losses
Like the yearly differences, the first quarter differences between 2017 and 2018 for net goods sales to the EU were much larger.
While the January to March 2018 period registered €-407,309 net losses from EU sales, the same period of 2017 reported €-259,093, over €140,000 more in losses in comparison.
Likewise, the first quarter differences in Primary Income also reported net losses. This is show as €-252,626 in 2017 and €-324,427 in 2018. The biggest loss was the EU area with a reported change of €-514,645 in 2017 and €-582,277 in 2018.
As with the yearly net profits for Services, the first quarter comparison for the same sector, showed a slight increase overall. The figures show that while 2017 was reported to €822,977 in 2017, this had risen to €825,762 in 2018. While the EU area reported an increase from €569,832, to €606,034 last year, the biggest increase came from Extra Euro Area. This is reported to have risen just over €8000, from €625,165 to €633,364 in 2018.
Services, Travel and Transport
While goods created an overall loss of €414.0m for the Maltese current account, net balances were higher thanks to services, Travel and Transport. These sectors combined to generate €825.8m for the economy.
For the first quarter period of 2019, the Maltese financial transactions accounted for a provisional surplus of €48.9m compared to the surplus of €296.3m in 2018.