articles | 17 August 2022

Cyprus registers EU’s largest decrease in exports

In June 2022, all member states registered a large annual increase in extra-EU exports except for Cyprus, which recorded a 12.2% decrease, followed by Denmark (-2.4%), according to Eurostat.

Cyprus also widened its trade gap further with the biggest rise in extra-EU imports.

Eurostat said international trade in goods deficits were at €24.6 billion for the eurozone and €34 billion for the EU in June 2022.

The highest increases were registered in Slovenia (109.4%) and Greece (75.6%).

Also, all member states registered large increases in extra-EU imports, except Latvia (-24.8%) and Luxembourg (-20.1%).

The highest increases were observed in Cyprus (130.1%) and Greece (100.4%).

The first estimate for euro area exports of goods to the rest of the world in June was €252.2 billion, an increase of 20.1% compared with June 2021 (€210.0 billion).

Imports from the rest of the world stood at €276.8 billion, a rise of 43.5% compared with June 2021 (€192.9 billion).

As a result, the euro area recorded a €24.6 billion deficit in trade in goods with the rest of the world, compared with a surplus of €17.2 billion in June 2021.

Intra-euro area trade rose to €236.4 billion, up 24.2% compared with June 2021.

From January to June, euro area exports of goods to the rest of the world rose to €1393.1 billion (an increase of 18.7%), and imports rose to €1533.6 billion (an increase of 43.0% compared with January-June 2021).

As a result, the euro area recorded a deficit of €140.4 billion, compared with a surplus of €100.6 billion in January-June 2021.

Intra-euro area trade rose to €1328.5 billion in January-June 2022, up by 26.3% compared with January-June 2021.

Trade deficit in energy increases

In the first six months of 2022, the highest increases were recorded in the imports and, with a lower value, exports of energy, leading to a significant increase in the EU trade deficit in energy (a €290.8 billion deficit in January-June from - a €105.6 billion deficit in January-June 2021)

In the first six months, the exports of goods to the United States recorded the highest increase (29.1%), related mainly to chemicals, machinery and vehicles.

In the same period, the imports from Norway recorded the highest increase (142.7%), related mainly to energy goods.

Source: Financial Mirror

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