Total nights spent by outbound tourists increased by 5% to 990,045 nights. The majority of guest nights (55.4%) were spent in rented accommodation establishments.

Total estimated outlay by outbound tourists increased by 11.4% to €131.7m, over the same quarter of the previous year, which equals to circa €833 per trip.

Italy and the United Kingdom remained the most popular destinations, with a joint share of 52% of total trips. 

Figures improve in H1

The number of outbound tourist trips was up by 7.4% to 305,001 in the first half of the year, as compared to the same period a year earlier.

Total nights spent by outbound tourists went up by 2.4% reaching more than 1.8m nights.

Moreover, total estimated outlay by resident tourists increased by 10.4% to €244.6m, compared to the same period in 2018.

The full report with charts and tables is available for download at the website of the NSO.

The post Malta’s outbound tourism grows by 8.2% in Q2 first appeared on The Malta Business Weekly.

The proportion of euro counterfeits remained “irrelevant”, the CBM says, when compared with the number of genuine euro banknotes in circulation in Malta, which was approximately above 12.16m for the first half of 2019. As compared to the proportion of the total number of counterfeits seized in the euro area as a whole over the same period, amounting to 251,000 pieces, forged notes in Malta only put up 0.33% of the ones in the eurozone.

The €20 and €50 notes continue to be the most counterfeited denominations found locally, in line with developments in the euro area. These two denominations together accounted for 89% of all counterfeits during the first half of 2019, in Malta. Moreover, the share of the €10 denomination experienced a slight decrease during the same period. 

Upgraded €100 and €200 banknotes with increased security features and better endurance for wear and tear have recently come into circulation. The European Central Bank (ECB) talked to Business Malta about the reason behind revamping the banknotes and explained the production and distribution processes.

The Central Bank of Malta advises also the public to remain alert regarding banknotes received in cash transactions. In fact, genuine banknotes can be recognised using the “feel-look-tilt” test.

EDITORIAL NOTE: The Central Bank of Malta operates the Counterfeit Surveillance Unit aimed at preventing the circulation of counterfeit money. It examines and stores counterfeit money of any currency seized in Malta or confiscated by the police. The Counterfeit Surveillance Unit may be contacted by telephone on 2550 6012 or 2550 6013, as well as by email.

The post Counterfeit euro notes increase in Malta in H1 2019 first appeared on The Malta Business Weekly.

Imports saw an increase of €51.3m to €642.9m, while exports decreased by €18.4m to €257.3m, according to provisional data published by the NSO.

The increase in the value of imports was primarily due to mineral fuels, lubricants and related materials (€54.5m), machinery and transport equipment (€6.9m), and food (€6.8m). However, import of medicals dropped by €14.4m.

On the exports side, major decreases were seen in semi-manufactured goods (€8m), mineral fuels, lubricants and related materials (€4.3m) and machinery and transport equipment (€4.3m).

Trade deficit widens in H1

The trade deficit widened by €516.4m between January and June when compared to the corresponding period of 2018, reaching €2.1366b. 

Imports and exports increased by €566.3m to €3.7586b and by €49.9m to €1.622b. Moreover, higher imports were mainly in machinery and transport equipment (€651.8m), partly outweighed by a decrease of €98.3m in mineral fuels, lubricants and related materials. 

The main increase in exports was registered in miscellaneous manufactured articles (€35.1m) and in chemicals (€20.5m), partially outweighed by a decrease of €16.6m in semi-manufactured goods.

Imports from the European Union reached €2.5165b (67%) of the total and they experienced a decrease of €367.8m, compared to the same period in 2018. 

While imports from the United Kingdom grew by €774.4m, those from Italy dropped by €204.1m. Regarding exports, the main increase was directed to Spain (€31.8m) while Italy registered the highest decrease (21.9m). 

The full report with graphs and tables is available for download at the website of NSO.

The post Malta’s international trade deficit grows to €385.7m in June first appeared on The Malta Business Weekly.