The Pharmaceutical Manufacturers Business Section of the Malta Chamber of Commerce, Enterprise and Industry has expressed its satisfaction for Malta’s favourable performance in the Pharmaceuticals sector compared to the EU Member States, according to recently released Eurostat figures.
When adjusted to per capita figures, the trade balances for Malta was found to rank an impressive second with a trade balance of €1,419 per capita, surpassed only by Ireland with a trade balance of €2,317 per capita, and compared to an EU average of €204 per capita.
In absolute terms, the trade balance of €617 million for 2016 ranked tenth amongst all the EU Member States, with the EU average standing at €68,814 million.
This trade balance is due to Malta’s impressive performance in the export activity of the local pharmaceutical manufacturing industry, a sector that has contributed to Malta’s top ranking amongst all the EU member states in terms of average annual growth in exports of 45% over the period 2001 to 2016, a figure more than five times greater than the EU average of 8.8%, with the second ranked EU member state, Romania, registering a 25.8% increase in the same period.
The Business Section also took note of the Eurostat figures on the performance of the EU as a trade bloc and the individual EU member states in international trade in medicinal and pharmaceutical products.
The Business Section has noted with satisfaction the general upward trend in the European Union’s trade balance in the sector since 2002, a notable achievement considering the increasing competition in manufacturing activity and share of total trade, from extra-Community regions.
The Pharmaceutical Manufacturers Business Section congratulates all operators in the sector for being a part of this success story, as well as expressing its thanks to all foreign investors that have had confidence in Malta as a base for their operations, and thanking the various stakeholders for their supporting role throughout the years.
Published by: http://www.maltachamber.org.mt