Prices for furniture, medicine, DIY products, food, clothing, tech products and jewellery are set to rise significantly due to hefty increases in the price of imports from Asia, the Malta Chamber of Small and Medium Businesses warned on Friday.
Importers say their operations have suffered a big blow due to changes in the shipping industry related to the Far East and Turkey, with containers in short supply and importation costs skyrocketing over the past five months.
As a result, local importers are being asked to put up “substantial sums” as deposits in order to secure container space.
While Malta is not the only country impacted by escalating costs, its heavy dependence on imports mean it is more vulnerable to price inflation, as importers’ options are more limited.
Products imported from the affected regions span a range of sectors: the chamber listed furniture, DIY and home improvement products, healthcare items, cosmetics…