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Trade deficit records drop in first five months of 2020

Cyprus’ trade deficit fell from €1,865.8 million in the first five months of last year to €1,723.6 million in the first five months of this year, data released by the Cyprus Statistical Service on Friday showed.

According to the electronic publication Intra & Extra EU Trade Statistics for the period of January-May 2020 total imports of goods from EU member states and third countries amounted to €2,990.7m compared to €3,345.0m in the same period last year, a decrease of 10.6 per cent.

Total export of goods in the same period reached €1,267.1m compared to €1,479.2m in 2019, a drop of 14.3 per cent.

The trade deficit was €1,723.6m for the same period compared to €1,865.8m the previous year, CyStat said.

According to the data, the EU was the main source of goods to Cyprus with €1,719.6m of imports, while those from all other European countries totalled €367.0m. Imports from the rest of the world amounted to €904.1m.

Exports to the EU accounted for €350.9m, while exports to all other European countries reached €130.4m. Exports to the rest of the world amounted to €785.8m.

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