Cyprus registers Euros -0.7billion trade deficit in the first two months of 2019, eurozone surplus of Euros 19.8 bn.

The first estimate for euro area (EA19) exports of goods to the rest of the world in February 2019 was Euros 183.3 billion, an increase of 4.4% compared with February 2018 (Euros 175.6 bn). Imports from the rest of the world stood at Euros 165.4 bn, a rise of 4.0% compared with February 2018 (Euros 159.0 bn). As a result, the euro area recorded a Euros 17.9 bn surplus in trade in goods with the rest of the world in February 2019, compared with + Euros 16.5 bn in February 2018. Intra-euro area trade rose to Euros 160.3 bn in February 2019, up by 3.4% compared with February 2018.

In January to February 2019, euro area exports of goods to the rest of the world rose to Euros 366.8 bn (an increase of 3.4% compared with January-February 2018), and imports rose to Euros 347.0 bn (an increase of 3.6% compared with January-February 2018). As a result the euro area recorded a surplus of Euros 19.8 bn, compared with +Euros 19.6 bn in January-February 2018. Intra-euro area trade rose to Euros 326.8 bn in January-February 2019, up by 3.5% compared with January-February 2018.

The first estimate for extra-EU28 exports of goods in February 2019 was Euros 156.3 billion, up by 6.2% compared with February 2018 (Euros 147.2 bn). Imports from the rest of the world stood at Euros 159.0 bn, up by 8.5% compared with February 2018 (Euros 146.6 bn). As a result, the EU28 recorded a Euros 2.7 bn deficit in trade in goods with the rest of the world in February 2019, compared with a surplus of Euros 0.7 bn in February 2018. Intra-EU28 trade rose to Euros 290.6 bn in February 2019, +3.7% compared with February 2018.

In January to February 2019, extra-EU28 exports of goods rose to Euros 309.8 bn (an increase of 4.1% compared with January-February 2018), and imports rose to Euros 338.2 bn (an increase of 6.2% compared with January-February 2018). As a result, the EU28 recorded a deficit of Euros 28.4 bn, compared with -Euros 20.7 bn in January-February 2018. Intra-EU28 trade rose to Euros 591.8 bn in January-February 2019, +3.6% compared with January-February 2018.

For Cyprus the total value of exports in the reference period was Euros 0.7 billion, an 81% increase compared to the same period of the previous year. More specifically intra EU exports stood at Euros 0.5 billion or a 210% increase and exports to the rest of the world at Euros 0.2 or -16% decrease. Meanwhile the value of total imports was Euros 1.4 billion, or 10% increase compared to the same period of the previous year. More specifically imports from the EU stood at Euros 0.8billion, a -2% drop and imports from the rest of the world to Euros 0.6 billion or 33% increase. As a result Cyprus registered a Euros -0.7billion trade deficit (compared to Euros -0.8 billion in the same period of the previous year), Euros -0.3 with the EU (compared to Euros -0.6) and Euros -0.4 with the rest of the world (compared to Euros -0.2)

Meanwhile for Greece the total value of exports in the reference period was Euros 5.2billion a 4% increase compared to the same period of the previous year. More specifically exports to the EU stood to Euros 2.9 billion or a 8% increase and exports to the rest of the word to Euros 2.3 billion or -1% decrease. At the same time total imports stood at Euros 9.0 billion, a 4% increase , Euros 4.6billion form the EU (7% increase) and Euros 4.4billion form the rest of the world (1% increase). As a result Greece registered a Euros -3.8 trade deficit instead of Euros -3.7 billion in the same period of the previous year ( Euros -1.8 billion with the EU instead of Euros -1.7 billion and -2.1 billion with the rest of the world instead of -2.0 billion).

Source: Cyprus News Agency