Local
articles | 14 August 2020

Cyprus H1 trade deficit narrows as exports down 23% in May, up 18% in June

Cyprus exports were down 23% in May, compared to the same month last year, while provisional figures for June showed a minor correction, with exports rising about 18% year-on-year, according to the latest figures from the statistical service Cystat.

With the Covid-19 pandemic-imposed lockdown affecting all sectors of the economy in the first quarter of the year, the situation improved towards the end of the second quarter, allowing for the trade deficit for the first six months of the year to narrow by about €300 million to €2.11 billion.

For May, total imports of goods (from EU member states and from third countries) amounted to €466.2 million in May, a decrease of 35.9% compared to €726.8 million in May 2019.

Exports of domestically produced products, including stores and provisions, were €104.2 million compared to €136.1 million in May 2019, a decrease of 23.4%. Domestic exports of industrial products in May 2020 were €92.5 million compared to €118.0 million in May 2019, while domestic exports of agricultural products in May 2020 were €10.5 million compared to €15.7 million in May 2019.

Exports of foreign products in May, including stores and provisions, were €173.1 million as compared to €158.2 million in May 2019, an increase of 9.4%.

As regards provisional data for June, Cystat said that total imports of goods fell to €662.8 million from €775.6 million in June 2019, a decrease of 14,5%. Imports from other EU member states in June were €384.9 million and from third countries €277.9 million, compared to €488.1 million and €287.5 million, respectively, in June 2019.

Imports in June 2020 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €94.6 million compared to €157.3 million in June 2019.

Total exports of goods in June rose to €273.3 million from €231.9 million in June 2019, an increase of 17.9%. Exports to other EU member states totalled €123.3 million and to third countries €150.0 million, compared to €74.1 mn and €157.8 million, respectively, in June 2019. Exports in June include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €83.8 million compared to €34.5 million in June 2019.

Total imports of goods (from EU member states and from third countries) in January-June 2020 amounted to €3.65 billion compared to €4.12 billion in January-June 2019, a decrease of 11,3%.

Total exports of goods (to EU Member States and to third countries) in January-June 2020 were €1.54 billion compared to €1.71 billion in January-June 2019, a decrease of 10%.

Thus, the first-half trade deficit was €2.11 billion in January-June compared to €2.41 billion in the corresponding period of 2019.

Source: Financial Mirror



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