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Cyprus

Cyprus recorded trade deficit of €2.4bn in first six months

Cyprus recorded a trade deficit of €2.4bn in the first six months of 2019, compared to €1.8 bn in the same period of 2018, Eurostat said on Friday.

More specifically Cyprus recorded an €1.7bn trade deficit with the EU, compared to €2.0 last year and €0.7bn with the rest of the world, compared to a surplus of €0.2bn last year.

The total value of the exports for the same period was €1.6bn, marking an increase of 37 per cent compared to the same period of last year (€0.9bn to the EU, or 48 per cent increase and €0.7bn to the rest of the world or 63 per cent decrease). The total value of imports was €4.1bn or 9 per cent decrease in total (€2.6bn from the EU or 1 per cent decrease and €1.4bn from the rest of the world or 21 per cent decrease).

Meanwhile, the first estimate for euro area (EA19) exports of goods to the rest of the world in June 2019 was €189.9 billion, a decrease of 4.7 per cent compared with June 2018 (€199.3bn). Imports from the rest of the world stood at €169.3bn, a fall of 4.1 per cent compared with June 2018 (€176.6bn).

As a result, the euro area recorded a €20.6bn surplus in trade in goods with the rest of the world in June 2019, compared with +€22.6bn in June 2018. Intra-euro area trade fell to €160.5bn in June 2019, down by 6.6 per cent compared with June 2018.

In January to June 2019, euro area exports of goods to the rest of the world rose to €1,163.3bn (an increase of 3.2 per cent compared with January-June 2018), and imports rose to €1,061.2bn (an increase of 3.7 per cent compared with January-June 2018). As a result, the euro area recorded a surplus of €102.2bn, compared with +€103.6bn in January-June 2018. Intra-euro area trade rose to €1,001.4 bn in January-June 2019, up by 1.8 per cent compared with January-June 2018.

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