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Aulia LukitasariELIE- ECONOMIC ASSIGNMENT
More than 50% people in the United Kingdom voted to leave the European Union in 2016.
Malta, as one of EU Member States, like any other country in the world has trade relationship
with the United Kingdom. With the United Kingdom left the Union, there will be new
arrangement to the trade between Malta and the UK. Thus, the question is “will the new
trade agreement between EU-UK affected the export and import sectors in Malta?”
Based on the UK Treasury analysis 2016, the four EU-UK relationships outlined by the UK
Treasury entail various scenarios the future economic relationship between the EU and the
UK. The analysis includes EU membership and three other alternative models such as the
membership of European Economic Area or Norway option, a negotiated bilateral agreement
or Canada option, and reverting to the World Trade Organization. 1 As the UK left the EU,
thus, the only option that they have, is choosing the three alternative agreements. These new
agreements certainly could affect the trade relation between Malta and the UK. Whether
export or import goods, these sectors will impose tariffs on goods. However, the benefits
would be depending on how big the difference on the number export and import for Malta.
According to data from OEC, in 2019, Malta’s total export is valued $4.72B. From those
number, its export to United Kingdom only contributed 2.24% from the total value. Majority
export goods from Malta to United Kingdom were consist of machineries, paper goods,
chemical products and transportations. While the total import is valued $15.4B, which 10.7%
goods came from the United Kingdom and 60.4% of the import goods from the United
Kingdom was recreational boats.2 The trade between two countries cannot be categorized as
intensive. Malta’s exports mostly went to other EU countries such as Germany, France and
Spain. As for import goods, the United Kingdom was the top three countries importers for
Malta in 2019. However, this was not the case. If we look closely, the import percentages
between Malta and the United Kingdom from 2015 to 2018 was always below 5% from
Malta’s total imports. In 2019, the percentage increased almost 2.5 higher from the previous
year. It jumped from 4.66% in 2018 to 10.7% in 2019. This increase might have something to
do with the decision over Brexit as the percentages imported recreational boats went from
19.1% in 2018 to 60.7% in 2019. Thus, many recreational boats anticipated the spike on
boats price if the trade agreement between the EU-UK do not fall through.
1
“HM Treasury analysis”, GOV.UK , accessed April 28, 2021,
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/517415/
treasury_analysis_economic_impact_of_eu_membership_web.pdf
2
“Malta”, OEC, accessed April 28, 2021, https://oec.world/en/profile/country/mlt
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