Local
articles | 12 March 2020

Cyprus trade deficit widened in 2019 on exports dip

The Cyprus trade deficit widened to €5.09 billion in 2019, from €4.89 billion in the year before, due to a significant drop of €1.2 billion in exports, according to official statistics.

However, exports picked up marginally in the last month of the year, with re-exports more than doubled. The data suggest that there was a drop in both sales and purchases of mobile transport equipment for ships throughout the year.

Cystat said that total imports (covering total imports from third countries and from EU member states) in January-December 2019 dropped to €8.23 billion as compared to €9.20 billion in 2018.

Total exports (covering total exports to third countries and to EU member states) were lower at €3.14 billion compared to €4.30 billion in January-December 2018.

The trade deficit thus widened to €5,08 billion in 2019 from €4.89 billion in the same period of 2018.

According to Cystat, total imports in 2019 included the transfer of economic ownership of mobile transport equipment (vessels), with a total value of €1.09 billion from €1.87 billion in January-December 2018.

Total exports in 2019 included the transfer of economic ownership of mobile transport equipment (vessels), with a total value of €995.2 million as compared to €1.45 billion in 2018.

In December alone, total imports (covering imports from third countries and from EU member states) fell to €691.6 million, compared to €858.4 million in December 2018.

Total exports (covering total exports to third countries and to EU member states), including stores and provisions, rose to €253.7 million as compared to €167,5 million in December 2018.

Exports of domestically produced goods, including stores and provisions in December 2019 were marginally up at €93.1 million as compared to €92.2 million in 2018, while exports of foreign goods, including stores and provisions, more than doubled to €160.6 million from €75.3 million in December 2018.

Total domestic exports of industrial products in December were flat at €83.8 million compared to €84.6 million in December 2018, and total domestic exports of agricultural products rose to €6.9 million from €5.1 million.

Source: Financial Mirror

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