Cyprus trade deficit decreases to 4.9 billion euro in 2018, according to Eurostat

The first estimate for euro area (EA19) exports of goods to the rest of the world in December 2018 was Euros 176.5 billion, recording a decrease of 2.5% compared with December 2017 (Euros 181.0 bn). Imports from the rest of the world stood at Euros 159.5 bn, marking a rise of 1.9% compared with December 2017 (Euros 156.5 bn). As a result, the euro area recorded a Euros 17.0 bn surplus in trade in goods with the rest of the world in December 2018, compared with +Euros 24.5 bn in December 2017. Intra-euro area trade fell to Euros 142.6 bn in December 2018, down by 1.2% compared with December 2017.

In Cyprus the volume of total exports increased to 4.2 billion euro (44%), namely to 1.2 billion euro (or 7% increase compared to 2017) exports to the EU28 and to 3.0 bilion euro (67%) to the rest of the world. Meanwhile total imports increased to to 9.1 billion euro (11%), and more specifically to 5.2 billion euro from the EU (5%) and to 3.9 billion euro (21%) form the rest of the world.

This resulted into a 4.9 billion trade deficit, decreased from 5.2 billion euro in 2017 (4.0 with the EU instead of 3.8 and -0.9 with the rest of the world instead of -1.4 in 2017).

In January to December 2018, euro area exports of goods to the rest of the world rose to Euros 2 276.3 bn (an increase of 3.7% compared with January-December 2017), and imports rose to Euros 2 082.1 bn (an increase of 6.2% compared with January-December 2017). As a result, the euro area recorded a surplus of Euros 194.2 bn, compared with +Euros 234.9 bn in January-December 2017. Intra-euro area trade rose to Euros 1 941.9 bn in January-December 2018, up by 5.2% compared with January-December 2017.

The first estimate for extra-EU28 exports of goods in December 2018 was Euros 153.9 billion, down by 3.9% compared with December 2017 (Euros 160.1 bn). Imports from the rest of the world stood at Euros 153.2 bn, up by 4.3% compared with December 2017 (Euros 146.9 bn). As a result, the EU28 recorded a Euros 0.7 bn surplus in trade in goods with the rest of the world in December 2018, compared with +Euros 13.1 bn in December 2017. Intra-EU28 trade fell to Euros 255.2 bn in December 2018, -1.5% compared with December 2017.

In January to December 2018, extra-EU28 exports of goods rose to Euros 1 954.9 bn (an increase of 4.0% compared with January-December 2017), and imports rose to Euros 1 977.5 bn (an increase of 6.5% compared with January/December 2017). As a result, the EU28 recorded a deficit of Euros 22.6 bn, compared with a surplus of Euros 22.2 bn in January-December 2017. Intra-EU28 trade rose to Euros 3 514.3 bn in January-December 2018, +4.8% compared with January-December 2017.

Source: Cyprus News Agency