Fewer Early Potatoes Could Spell Trouble for Maltese Farmers
Posted: 24/03/2012 Filed under: Living in Malta, Malta News | Tags: Agriculture, exports, Potatoes Leave a comment »
Due to frost and other weather conditions, the early potato crop from Malta is expected to be at least 50% smaller than normal, which could lead to tough times for Maltese farmers. The Netherlands and Cyprus, other potato exporters in the EU, are experiencing a similar situation. Early potato crops are generally a good money maker for farmers, but this year, according to forecasts, they may want to consider tightening their belts, as the frost and cold that Europe has experienced this winter seems to have had an adverse effect on the potato crops.
Potato farmers are expecting their first crops tentatively this week, however a lot of this will continue to depend on the weather. Varieties other than the early potatoes still have about five or six weeks to go before they will be ready to harvest. Typically April and May are the big months for these potato varieties but they too are expected to have low yields which could further affect the farmers of Malta.
Almost 75% of the potatoes that are grown in Malta are seed potatoes that are sent to the Netherlands. Typically these seed potatoes are then grown in the Netherlands, however, since the Netherlands is also having a shortage of crops and bad weather, it is unknown if next season will be much better since the seed potatoes have not been as hearty. Season after season of low yield crops could certainly equal tough times for potatoes in the Netherlands and of course, in Malta as well. Just two years ago, the Maltese government urged farmers to begin growing potatoes to boost the agricultural exports of the country. In addition to the Netherlands, Malta exports potatoes to the UK, Denmark, Switzerland and Germany, so these countries could also experience a shortage of potatoes as well.
The Canton Fair – An Opportunity for Maltese Businesses to Shine
Posted: 22/03/2012 Filed under: Investment, Malta News | Tags: China, exports, Trade Leave a comment »
The Chinese market could be very important for the Maltese economy if the Canton Fair was any indication. Two weeks ago, a conference was held to promote Maltese businesses that are interested in breaking into the Chinese market and vice versa. Both Chinese and Maltese business professionals are seeing this as a win-win situation for both countries. This conference was held with the support of both the Maltese Chinese Chamber of Commerce and the Economic and Commercial Office of the Embassy of People’s Republic of China in Malta.
Back in 2001 when China joined the World Trade Organisation, no one could really predict how much it has not only helped the Chinese economy, but also how it has affected other world economies as well in a positive way. Statistics show that from 2001 to 2011, China was able to show an annual growth of about 30%. In overseas countries, Chinese businesses hire just under a million people and pay billions in taxes worldwide. Chinese goods are much more durable and desired than they have been in past decades which is also having a very positive impact on the Chinese growth.
What does this have to do with Malta? A lot, actually! Just from 2011 to now, the trade growth between Malta and China has grown over 30%. The trade volume between China and Malta has grown over three billion Euros and exports from Malta to China has gone over two billion Euros. Just by looking at these statistics, it is obvious that there is a great potential for amazing development in trade between Malta and China. The Canton Fair, which was held in China, had very positive results for those Maltese business professionals who attended and all participants seem quite pleased with the developments and information that was exchanged throughout the fair.
Deficit Cut Could Savage the Pound
Posted: 10/03/2010 Filed under: Uncategorized | Tags: business, business concerns, exports, imports, uk companies, uk investments, UK tax Leave a comment »I can’t seem to keep away from the deficit as a topic the last few weeks but then that is probably hardly surprising as it is all the financial pages of the nation papers are full of these days. The latest article to get my attention was one that claims that a aggressive tactic to reduce the deficit could savage the value of the pound. News that will not be welcomed by those who have a business that relies on any form of import.
I t appears this latest warning does not come from in house but rather from strategists at Swiss bank UBS. They warn that though the pound could actually have been viewed as to strong in the past a continued decline could see us getting into some very tricky territory. The report’s authors, George Magnus and Mansoor Mohi-uddin, claim
“The severe fall in sterling after such a policy mistake would reflect a crisis of confidence in Britain’s policymaking,”
It is sometimes hard to make heads or tails of all the conflicting information that is flying around. my take on the situation may be a little simplictic but i think it works. we need to cut the deficit and that is going to have an effect on public spending. Caution will need to be taken to make sure that we do not try to do too much too soon because the last thing we need is a collapse in the building trade or the complete lose of international confidence.
I am sure greater economic minds than me will work it out.
In the meantime if you have some business concerns, whether it is advice on setting up a company or making sure your current one gets its tax correct then contact us here at St Matthew’s eAccounting. We can put you on the right track.
Britain Must Export Or Die
Posted: 26/01/2010 Filed under: Uncategorized | Tags: exports, recession, recovery Leave a comment »One of the UK’s foremost economic forecasters has released a very detailed report outlining their thoughts on the present recession and how it can best be fixed.
Among other thing Ernest And Young ITEM club ascertain that in order to reverse the effects of this current economic dip Britain needs to start selling to countries such as China. This, they state, is the is the only way that the UK stands a chance of promoting sustainable growth.
The group state, in no uncertain terms, that the British consumer is ‘crashed out’ and in no position to help spend the UK out of the recession. It is also deeply concerned by the prospect of the heavy dependence that Britain has on other countries economically speaking.
Peter Spencer chief economic adviser to ITEM has stated that the rest of the economy is relying on exporters to get out there and establish ties and trade routes with the tiger economies of the world. For many of these firms he says it will be a case of export or die.
The whole process should be boosted by the weak pound. I guess everything has a silver lining. So far the weak pound has not significantly improved our fortunes in the export stakes but that is put down to other economies suffering at the hands of the recession. Once global recovery is more firmly established many predict that trade with Britain will become irresistible.
Mr Spencer is counting the blessings of not being locked into the Euro, as ironic as that sounds. Even though the Euro has strengthened in relation to the pound the benefits of our own currency for trade are enumerable.
Hopefully our exporters are up to the task because from the sound of this there is an awful lot riding on their success.
