Cyprus trade deficit shrinks to Euros – 3.4 billion in the period January – October 2018, according to Eurostat.

The value of Cyprus total exports stood at Euros 4 billion in the period January to October 2018, representing an increase of 56% compared to the same period of 2017, according to Eurostat, the statistical office of the EU. More specifically the value of Cyprus exports to the EU was Euros 1 billion (10% increase) and outside the EU Euros 3 billion (84% increase). Meanwhile Cyprus total imports amounted to Euros 7billion, a 14% increase compared to the same period of last year (Euros 4 billion from the EU, or 9% increase and Euros 3 billion form the rest of the world or 21% increase). As a result, Cyprus registered a Euros – 3.4 billion trade deficit, decreased compared to the same period of 2017 when it was -3.9 ( -3.3 with the EU and -0.1 with the rest of the world).

Meanwhile, the first estimate for euro area (EA19) exports of goods to the rest of the world in October 2018 was Euros 209.7 billion, an increase of 11.4% compared with October 2017 (Euros 188.3 bn). Imports from the rest of the world stood at Euros 195.8 bn, a rise of 14.8% compared with October 2017 (Euros 170.5 bn). As a result, the euro area recorded a Euros 14.0 bn surplus in trade in goods with the rest of the world in October 2018, compared with +Euros 17.8 bn in October 2017. Intra-euro area trade rose to Euros 175.6 bn in October 2018, up by 8.7% compared with October 2017.

In January to October 2018, euro area exports of goods to the rest of the world rose to Euros 1 896.0 bn (an increase of 4.4% compared with January-October 2017), while imports rose to Euros 1 740.0 bn (an increase of 6.9% compared with January-October 2017). As a result the euro area recorded a surplus of Euros 156.0 bn, compared with +Euros 187.0 bn in January-October 2017. Intra-euro area trade rose to Euros 1 625.3 bn in January-October 2018, up by 6.0% compared with January-October 2017.

The first estimate for extra-EU28 exports of goods in October 2018 was Euros 180.7 billion, up by 13.4% compared with October 2017 (Euros 159.4 bn). Imports from the rest of the world stood at Euros 188.4 bn, up by 16.8% compared with October 2017 (Euros 161.3 bn). As a result, the EU28 recorded a Euros 7.7 bn deficit in trade in goods with the rest of the world in October 2018, compared with -Euros 1.8 bn in October 2017. Intra-EU28 trade rose to Euros 319.9 bn in October 2018, +7.9% compared with October 2017.

In January to October 2018, extra-EU28 exports of goods rose to Euros 1 627.9 bn (an increase of 5.0% compared with January-October 2017), while imports rose to Euros 1 650.3 bn (an increase of 6.7% compared with January-October 2017). As a result, the EU28 recorded a deficit of Euros 22.4 bn, compared with a surplus of Euros 4.1 bn in January-October 2017. Intra-EU28 trade rose to Euros 2 939.2 bn in January-October 2018, +5.4% compared with January-October 2017.

Source: Cyprus News Agency