Home » International Trade in Goods » International Trade in Goods Statistics MALTA 2024 (reference years 2018-2023)
International Trade in Goods Statistics (ITGS) are an essential part of Malta’s system of economic statistics. Malta has an open economy and relies heavily on international trade. Consequently, these statistics are highly relevant for many stakeholders, as well as for the compilation of Balance of Payments statistics and National Accounts. Users of trade statistics range from policy makers, researchers, the media, as well as businesses who may require this information before taking important business decisions.
This publication contains detailed statistical information on trade covering the period 2015-2023. The high level of detail is intended to provide users with more information on the trade ties and dynamics characterising the period under review and on the composition of both imports and exports.
Malta’s trade landscape was marked by fluctuations influenced by global events, which in turn brought about changes in trading ties. Against this backdrop of continuous changes and evolving customer needs, this publication takes a trade perspective in an attempt to measure the impact of main international events on the total trade recorded in Malta, over the past decade.
● Trade Deficit Increase: Malta’s trade deficit widened significantly, reaching €4,061.2 million in 2023, primarily due to the rising prices of goods. This marks an increase compared to previous years, with the average quarterly trade deficit in 2023 being €1,015.3 million, up from €943.1 million in 2019.
● Export Stability and Growth: Despite global challenges, Malta’s exports remained relatively stable and even increased by 30.6 per cent from 2018 to 2023, reaching €4,516.3 million. The increase was particularly notable in 2022.
● Impact of Global Events: Major global events such as Brexit, the COVID-19 pandemic, and the war in Ukraine significantly influenced Malta’s trade dynamics. These events affected trade volumes, trade partners, and the overall trade landscape.
● Sectoral Shifts in Trade: Chapter 27 (Mineral fuels, oils, and products) experienced substantial import growth, reaching €2,047.8 million in 2023. However, imports in other sectors like Chapter 89 (Ships, boats, and floating structures) and Chapter 88 (Aircraft/spacecraft and parts thereof) showed volatility, with significant decreases in some years.
● UK Trade Relations Post-Brexit: Post-Brexit, Malta’s imports from the UK shifted, with Chapter 27 (Mineral fuels) becoming a dominant import category. On the export side, there were notable decreases in exports of Chapter 30 (Pharmaceutical products) and Chapter 49 (Printed books, newspapers).
● COVID-19 Impact on Trade: The pandemic caused a dip in imports, particularly in 2020. However, by 2023, sectors like Chapter 27 had recovered and even surpassed pre-pandemic levels in terms of value, although this was partly due to price increases rather than volume growth.
● SMEs’ Role in Trade: Small and medium-sized enterprises (SMEs) played a crucial role in Malta’s trade, contributing significantly to both imports and exports. The top 1,000 enterprises dominated imports, while the top 500 enterprises accounted for a major portion of exports.
● Key Trading Partners: Italy and Germany remained key trading partners for Malta, with significant trade relationships. The Euro continued to be the primary trading currency, though the US Dollar and Pound Sterling were also used, particularly due to Northern Ireland’s status.
● Fluctuating Trade Volumes: Both imports and exports showed fluctuations between 2018 and 2023, with some sectors experiencing growth while others saw declines. These changes were influenced by global economic conditions and specific trade chapters.
● Globalization’s Influence: The publication highlighted how global trends and events have reshaped Malta’s trade landscape, influencing trade flows, partner countries, and the composition of imports and exports across various economic sectors.