EU member states exported services worth a total of 1027 billion euro to countries outside the EU in 2021, a 13% increase compared with 2020 (910 billion euro), according to provisional data released by Eurostat. In Cyprus services exported to third countries almost reached pre-pandemic levels.
The impact of the COVID-19 crisis in 2020 led to a substantial fall in both the value of EU exports (15% decrease compared with 2019) and imports (14% decrease), according to a press release.
However, there was an immediate rebound in 2021 for EU exports, which almost returned to pre-pandemic levels.
Focusing on Cyprus, the country exported 9.598 billion euro worth of services to countries outside the EU in 2021, increasing compared to 2020 (8.912 billion) and almost reaching pre-pandemic levels (9.736 billion in 2019).
On the other hand, EU imports rose at a modest pace in 2021, reaching 894 billion euro, a 2% rise compared with 2020.
The import of services from outside the EU to Cyprus reached 7.538 billion in 2021, which was a small increase compared to 2020 (7.214 billion). Import of services had also increase in 2020, compared to 6.498 billion in 2019.
As a result of these trends, the EU trade surplus for services hit 133 billion euro in 2021, close to the highest level registered in 2018.
Over the last decade, the EU trade in services balance rose from 99 billion in 2011 to a peak of 134 billion in 2018 before falling back to 33 billion in 2020.
The trade surplus for services in Cyprus increased in 2021 to 2.06 billion from 1.699 billion in 2020, but did not reach pre-pandemic levels (3.328 billion in 2019).
Over the last ten years, the country’s trade surplus for services increased from 2.286 billion in 2011 to a peak of 3.854 billion in 2018.
Source: Cyprus News Agency