Cyprus registers -Euros 0.8 trade deficit for January – February 2018

Cyprus registered a total export value of Euros 0.4 billion in the first two months of 2018, an increase of 10% compared to the same period of 2017, according to Eurostat the statistical service of the EU.

Half of it (Euros 0.2 billion) was to the EU, an increase of 27% and the other half (Euros 0.2 billion) to the rest of the world (unchanged 0% compared to the same period of 2017).

Meanwhile the total value of Cyprus imports stood at Euros 1.2 billion, a 7% increase compared to last year, out of which 0.8 billion with the EU (19% increase) and Euros 0.4billion with the rest of the world (a -10% decrease). As a result Cyprus registered -Euros 0.8 trade deficit, same as last year, -Euros 0.6 with the EU (compared to -Euros 0.5 last year) and -0.2 with the rest of the world (compared to -Euros 0.3 last year).

According to Eurostat, the first estimate for euro area (EA19) exports of goods to the rest of the world in February 2018 was Euros 177.5 billion, an increase of 3.0% compared with February 2017 (Euros 172.3 bn). Imports from the rest of the world stood at Euros 158.6 bn, a rise of 1.5% compared with February 2017 (Euros 156.2 bn). As a result, the euro area recorded a Euros 18.9 bn surplus in trade in goods with the rest of the world in February 2018, compared with +Euros 16.1 bn in February 2017. Intra-euro area trade rose to Euros 153.7 bn in February 2018, up by 3.9% compared with February 2017.

In January to February 2018, euro area exports of goods to the rest of the world rose to Euros 356.2 bn (an increase of 5.9% compared with January-February 2017), while imports rose to Euros 333.8 bn (an increase of 3.8% compared with January-February 2017). As a result the euro area recorded a surplus of Euros 22.4 bn, compared with +Euros 14.5 bn in January-February 2017. Intra-euro area trade rose to Euros 314.0 bn in January-February 2018, up by 6.5% compared with January-February 2017.

The first estimate for extra-EU28 exports of goods in February 2018 was Euros 149.2 billion, up by 1.7% compared with February 2017 (Euros 146.7 bn). Imports from the rest of the world stood at Euros 145.9 bn, down by 0.4% compared with February 2017 (Euros 146.5 bn). As a result, the EU28 recorded a Euros 3.3 bn surplus in trade in goods with the rest of the world in February 2018, compared with +Euros 0.2 bn in February 2017. Intra-EU28 trade rose to Euros 277.4 bn in February 2018, +3.5% compared with February 2017.

In January to February 2018, extra-EU28 exports of goods rose to Euros 299.7 bn (an increase of 4% compared with January-February 2017), while imports rose to Euros 316.8 bn (an increase of 3.6% compared with January-February 2017). As a result, the EU28 recorded a deficit of Euros 17.1 bn, compared with -Euros 17.5 bn in January-February 2017. Intra-EU28 trade rose to Euros 567.2 bn in January-February 2018, +6.6% compared with January-February 2017.

Source: Cyprus News Agency