Cyprus registers trade deficit of 1.0 billion in Q1 2019

The first estimate for euro area (EA19) exports of goods to the rest of the world in March 2019 was Euros 205.6 billion, recording an increase of 3.1% compared with March 2018 (Euros 199.5 bn). Imports from the rest of the world stood at Euros 183.1 bn, a rise of 6.0% compared with March 2018 (Euros 172.7 bn). As a result, the euro area recorded a Euros 22.5 bn surplus in trade in goods with the rest of the world in March 2019, compared with + Euros 26.9 bn in March 2018. Intra-euro area trade fell to Euros 172.1 bn in March 2019, -0.3% compared with March 2018.

In January to March 2019, euro area exports of goods to the rest of the world rose to Euros 575.6 bn (an increase of 3.9% compared with January-March 2018), and imports rose to Euros 532.2 bn (an increase of 4.8% compared with January-March 2018). As a result the euro area recorded a surplus of Euros 43.5 bn, compared with +Euros 46.5 bn in January-March 2018. Intra-euro area trade rose to Euros 500.6 bn in January-March 2019, up by 2.5% compared with January-March 2018.

In Cyprus the total volume of exports amounted to 0.9 billion euro, a -28% decrease compared to the same period of the previous year (0.6 billion euro or 149% increase with the EU and 0.3 billion euro or -71% decrease with the rest of the world. At the same time imports amounted to 1.9 billion euro stable compared to the same period of last year (1.2 billion form the EU or 3% increase and 0.7 billion from the rest of the world or -5% decrease). This resulted to a negative trade balance of -1.0 billion this year, compared to -0.7 last year (-0.6 instead of -0.9 with the EU and -0.4 instead of 0.2 with the rest of the world.

The first estimate for extra-EU28 exports of goods in March 2019 was Euros 173.4 billion, up by 1.2% compared with March 2018 (Euros 171.3 bn). Imports from the rest of the world stood at Euros 170.4 bn, up by 6.4% compared with March 2018 (Euros 160.1 bn). As a result, the EU28 recorded a Euros 2.9 bn surplus in trade in goods with the rest of the world in March 2019, compared with +Euros 11.2 bn in March 2018. Intra-EU28 trade rose to Euros 317.2 bn in March 2019, +2.7% compared with March 2018.

In January to March 2019, extra-EU28 exports of goods rose to Euros 483.6 bn (an increase of 3.1% compared with January-March 2018), and imports rose to Euros 507.6 bn (an increase of 6.1% compared with January-March 2018). As a result, the EU28 recorded a deficit of Euros 24.0 bn, compared with -Euros 9.6 bn in January-March 2018. Intra-EU28 trade rose to Euros 914.3 bn in January-March 2019, +3.9% compared with January-March 2018.

Source: Cyprus News Agency