Local
articles | 16 August 2019

Cyprus records trade deficit of €2.4b in H1 2019

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

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

The total value of the exports for the same period was €1.6 billion, marking an increase of 37% compared to the same period of last year (€0.9 billion to the EU, or 48% increase and €0.7 billion to the rest of the world or 63% decrease). The total value of imports was €4.1 billion or 9% decrease in total (€2.6 billion from the EU or 1% decrease and €1.4 billion from the rest of the world or 21% 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% compared with June 2018 (€199.3 billion). Imports from the rest of the world stood at €169.3 billion, a fall of 4.1% compared with June 2018 (€176.6 billion).

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

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

Source: Cyprus Mail

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