Cyprus records -4.6 bn trade deficit between January-November 2017, exports stood at 2,6 bn

The first estimate for euro area (EA19) exports of goods to the rest of the world in November 2017 was Euros 197.5 billion, an increase of 7.7% compared with November 2016 (Euros 183.5 bn). Imports from the rest of the world stood at Euros 171.2 bn, a rise of 7.3% compared with November 2016 (Euros 159.6 bn).

As a result, the euro area recorded a Euros 26.3 bn surplus in trade in goods with the rest of the world in November 2017, compared with +Euros 23.8 bn in November 2016. Intra-euro area trade rose to Euros 165.5 bn in November 2017, up by 6.9% compared with November 2016. These data are released by Eurostat, the statistical office of the European Union.

According to Eurostat, the first estimate of Cyprus exports of goods for the period January to November 2017 was 2.6 billion, an increase of 5% compared to the same period of 2016 (1.0 billion intra EU, or -20% decrease and 1.6 billion extra EU or 29% increase). At the same time, total imports for the same period amounted to 7.3 billion, a 13% increase compared to the same period of 2016 (4.3 billion intra EU, stable and 3.0 billion extra EU, or 40% increase).

As a result Cyprus recorded a negative trade balance of -4.6 billion for the respective period (compared to -3.9 for the same period of 2016), -3.3 with the EU (compared to -3.1 in 2016) and -1.3 with the rest of the world (compared to -0.9 billion last year).

In January to November 2017, euro area exports of goods to the rest of the world rose to Euros 2 009.7 bn (an increase of 7.5% compared with January-November 2016), and imports rose to Euros 1 796.5 bn (an increase of 10.1% compared with January-November 2016). As a result the euro area recorded a surplus of Euros 213.1 bn, compared with +Euros 237.7 bn in January-November 2016. Intra-euro area trade rose to Euros 1 696.1 bn in January-November 2017, up by 7.6% compared with January-November 2016.

The first estimate for extra-EU28 exports of goods in November 2017 was Euros 167.2 billion, up by 6.8% compared with November 2016 (Euros 156.6 bn). Imports from the rest of the world stood at Euros 159.2 bn, up by 5.4% compared with November 2016 (Euros 151.1 bn). As a result, the EU28 recorded a Euros 8.0 bn surplus in trade in goods with the rest of the world in November 2017, compared with +Euros 5.5 bn in November 2016. Intra-EU28 trade rose to Euros 300.9 bn in November 2017, +6.9% compared with November 2016.

In January to November 2017, extra-EU28 exports of goods rose to Euros 1 716.6 bn (an increase of 8.7% compared with January-November 2016), and imports rose to Euros 1 704.5 bn (an increase of 8.7% compared with January- November 2016). As a result, the EU28 recorded a surplus of Euros 12.1 bn, compared with +Euros 11.3 bn in January-November 2016. Intra-EU28 trade rose to Euros 3 082.2 bn in January – November 2017, +7.5% compared with January – November 2016.

Source: Cyprus News Agency