Malta became a member of the European Union in 2004 and ever since, its economy went on an ascending slope and the currency switch from the Maltese pound to Euro in 2008 led to the liberalization of the country’s economy. Malta became a very attractive destination for foreign investors due to its trading activities and its tourism facilities. The legislation for foreign investments and the Maltese tax system have drawn even more the attention of foreign investors wanting to expand their businesses or setting up new companies in Malta.
Due to the fact the Malta is a small country, imports occupy an important part in the country’s economy. The most imported product in Malta is refined petroleum with a quota of 33%. Passenger boats and cargo ships are the second most imported products in Malta and they occupy 24% of the country’s imported goods. Malta also imports integrated circuits and chemical products that represent almost 6% each. In smaller percentages, Malta imports: means of transportation, metals, foods, textiles, pharmaceuticals, spacecraft and aircraft spare parts, cars and cars spare parts and computers.
The most important suppliers for Maltese imports are: South Korea than provides 23% of the country’s imports and Italy that supplies 22% of Malta’s total imports. In smaller quantities and percentages, Malta imports products from Russia, Turkey, the United Kingdom, France, Germany and China.
Maltese exports are mainly based on: refined petroleum, integrated circuits and packaged medicines. Malta exports refined petroleum in proportion of 37%, integrated circuits in proportion of 23% and pharmaceuticals in proportion of 6%. Other products exported by Malta are represented by: manufactured goods, appliances, protection equipment, airplane spare parts, medical devices and measuring tools.
Malta’s main export partners are China and Singapore that import about 8% of Malta’s total exported products, Germany, France, Italy and the United States that import from Malta between 4 and 5% of their products and, in smaller percentage, Malta exports to Turkey, the United Kingdom and the Netherlands.
According to the Importation Control Regulations (L.N. 242/04), the import of certain products in Malta requires an authorization or import license issued by the Trade Services Directorate. The products requiring an import license are divided in schedule lists. According to the Exportation Control Regulations (L.N. 243/04), there are certain exported goods that require authorizations or export licenses issued by the Trade Service Directorate.
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