Cyprus strikes Euros -0.3 bn trade deficit for January 2019, according to Eurostat.

The first estimate for euro area (EA19) exports of goods to the rest of the world in January 2019 was Euros 183.4 billion, an increase of 2.5% compared with January 2018 (Euros 179.0 bn). Imports from the rest of the world stood at Euros 181.8 bn, a rise of 3.4% compared with January 2018 (Euros 175.9 bn). As a result, the euro area recorded a Euros 1.5 bn surplus in trade in goods with the rest of the world in January 2019, compared with +Euros 3.1 bn in January 2018. Intra-euro area trade rose to Euros 164.6 bn in January 2019, up by 2.4% compared with January 2018.

For Cyprus the first estimate for total exports amounted to Euros 0.5 bn, a 165% increase (Euros 0.4 bn to the EU or 402% increase and Euros 0.1 bn outside the EU, or -18% decrease). Meanwhile total imports amounted at Euros 0.8 bn a 29% increase (Euros 0.4 bn from the EU or -4% decrease and Euros 0.4 bn outside the EU or 83% increase). As a results Cyprus strikes a Euros -0.3 bn trade deficit for the period, instead of Euros -0.4 bn on the same period of last year (Euros 0.1 bn surplus with the EU, instead of Euros -0.3 bn deficit and Euros -0.3 bn deficit with the rest of the world instead of Euros -0.1bn last year).

In 2018, euro area exports of goods to the rest of the world rose to Euros 2 277.6 bn (an increase of 3.7% compared with 2017), and imports rose to Euros 2 084.2 bn (an increase of 6.6% with respect to the previous year). As a result the euro area recorded a surplus of Euros 193.4 bn in 2018, compared with +Euros 240.8 bn in 2017. Intra-euro area trade rose to Euros 1 943.5 bn in 2018, up by 5.3% compared with 2017.

The first estimate for extra-EU28 exports of goods in January 2019 was Euros 153.6 billion, up by 2.1% compared with January 2018 (Euros 150.4 bn). Imports from the rest of the world stood at Euros 178.5 bn, up by 3.9% compared with January 2018 (Euros 171.8 bn). As a result, the EU28 recorded a Euros 24.9 bn deficit in trade in goods with the rest of the world in January 2019, compared with -Euros 21.4 bn in January 2018. Intra-EU28 trade rose to Euros 297.9 bn in January 2019, +2.3% compared with January 2018.

In 2018, extra-EU28 exports of goods rose to Euros 1 955.7 bn (an increase of 4.1% with respect to the previous year), and imports rose to Euros 1 980.4 bn (an increase of 6.6% compared with 2017). As a result, the EU28 recorded a deficit of Euros 24.6 bn, compared with a surplus of Euros 22.1 bn in 2017. Intra-EU28 trade rose to Euros 3 518.3 bn in 2018, +4.9% compared with 2017.

Source: Cyprus News Agency