Eurostat: Cyprus trade deficit drops to Euros 4.2 billion in January – November 2018

Cyprus export of goods to the rest of the world inJanuary – November 2018 reached Euros 4.0 bn, a 50.1% increase compared to the same period of 2017, according to a first estimate published by Eurostat. Exports to the EU reached Euros 1.1 bn, recording a 9.3% increase while export outside the EU amounted to Euros 2.9 bn marking a 75.6% increase.

Meanwhile imports reached 8.2 bn, a 10.8% increase (Euros 4.8 bn or 7.1% from the EU and Euros 3.4 bn or 16.4% increase from the rest of the world) contributing to a decreased trade deficit of Euros 4.2 billion compared to Euros 4.8 billion in the same period of 2017 (Euros 3.7 bn with the EU, compared to Euros 3.5 billion in 2017 and Euros 0.5 billion with the rest of the world, compared to Euros 1.3 billion in 2017).

The first estimate for euro area (EA19) exports of goods to the rest of the world in November 2018 was Euros 203.0 billion, an increase of 1.9% compared with November 2017 (Euros 199.2 bn). Imports from the rest of the world stood at Euros 184.0 bn, a rise of 4.7% compared with November 2017 (Euros 175.7 bn). As a result, the euro area recorded a Euros 19.0 bn surplus in trade in goods with the rest of the world in November 2018, compared with Euros 23.4 bn in November 2017. Intra-euro area trade rose to Euros 170.5 bn in November 2018, up by 1.5% compared with November 2017.

In January to November 2018, euro area exports of goods to the rest of the world rose to Euros 2 098.4 bn (an increase of 4.2% compared with January-November 2017), while imports rose to Euros 1 923.2 bn (an increase of 6.6% compared with January-November 2017). As a result, the euro area recorded a surplus of Euros 175.2 bn, compared with Euros 210.4 bn in January-November 2017. Intra-euro area trade rose to Euros 1 797.3 bn in January-November 2018, up by 5.7% compared with January-November 2017.

The first estimate for extra-EU28 exports of goods in November 2018 was Euros 172.7 billion, up by 2.6% compared with November 2017 (Euros 168.4 bn). Imports from the rest of the world stood at Euros 175.9 bn, up by 7.6% compared with November 2017 (Euros 163.4 bn). As a result, the EU28 recorded a Euros 3.2 bn deficit in trade in goods with the rest of the world in November 2018, compared with a surplus of Euros 4.9 bn in November 2017. Intra-EU28 trade rose to Euros 313.1 bn in November 2018, +2.5% compared with November 2017.

In January to November 2018, extra-EU28 exports of goods rose to Euros 1 800.0 bn (an increase of 4.7% compared with January-November 2017), while imports rose to Euros 1 825.3 bn (an increase of 6.7% compared with January- November 2017). As a result, the EU28 recorded a deficit of Euros 25.2 bn, compared with a surplus of Euros 9.0 bn in January-November 2017. Intra-EU28 trade rose to Euros 3 256.2 bn in January-November 2018, +5.3% compared with January-November 2017.

Source: Cyprus News Agency