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articles | 14 December 2018 | ServPRO Accountants & Consultants

Cyprus Trade deficit declines by €182.3 million in 2018

According to recently published data of the Statistical Service of Cyprus, trade deficit declined by €182.3 million from January to September of 2018. Cyprus’ trade deficit dropped to €3,049.5 million in January-September 2018 from €3,231.8 million in the corresponding period of 2017.

The statistical analysis shows that total imports, including all imports from third countries and EU member states, amounted to €6,586.8 million in January-September 2018 compared to €5,556.6 million in the corresponding period of 2017. Total exports, including all exports to third countries and European member states, reached € 3,537.3 million in January-September 2018 compared to €2,324.8 million in January-September 2017.

Moreover, in September of 2018, total imports were valued at €663 million compared to €531 million in the corresponding month of 2017.

Also, total exports, including stores and provisions, reached the amount of €263.4 million in September 2018 compared to €263 million in September 2017.

Exports of domestic goods, including stores and provisions in September 2018 increased to €154.4 million from €90 million in September 2017. Additionally, exports of foreign goods, including stores and provisions, in September 2018 decreased to €109 million from €173 million in the corresponding month of 2017.

The recent data from the Statistical Service of Cyprus also show that total domestic exports of industrial products in September 2018 were recorded at €148.1 million compared to €82.6 million in September 2017. Also, total domestic exports of agricultural products in September 2018 were recorded at €3.8 million compared to €5.1 million in September 2017.

The Statistical Service of Cyprus’ preliminary estimates for October 2018 on foreign trade show that, total imports fell from €709.2 million to €898.3 million in October 2017. Imports from European member states in October 2018 climbed to €455.5 million from €435.7 million in October 2017. Imports from third countries in October 2018 declined to €253.7 million from €462.6 million in October 2017.

Total exports in October 2018 almost doubled to €333.8 million compared to €181.8 million in October 2017. Exports to European member states in October 2018 increased to €179.2 million from €78.8 mn in October 2017. Exports to third countries in October 2018 also increased to €154.6 million from €103 million in October 2017.

Finally, total imports, including the transfer of economic ownership of mobile transport equipment (vessels), were valued at €72.5 million in October 2018 compared to €342.5 million in October 2017. Total exports, including the transfer of economic ownership of mobile transport equipment (vessels), were valued at €29.4 million in October 2018 compared to €23.6 million in October 2017.

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