Trade deficit declines in first two months as exports to EU rise significantly

Cyprus trade deficit recorded a significant drop in the first two months of the year, as exports rose significantly by Euros 300 mln, compared to the same period last year.

Preliminary estimates on Cyprus’ foreign trade in February 2019, announced on Tuesday by the Statistical Service, showed that the trade deficit in January and February was down to Euros 656.98 mln, compared with Euros 838.06 mln in the same months last year.

Imports rose to Euros 1.36 bln in the first two months of 2019, from Euros 1.23 bln in the same period of 2018, while exports soared to Euros 706.53 mln, compared with Euros 395.88 mln between January and February 2018, as a result of a steep increase in exports to other EU member states, that rose to Euros 515.25 mln, from Euros 167.45 mln in the same months last year.

Furthermore, the Statistical Service estimated that in February total imports declined to Euros 552.3 mln from Euros 612.1 mln in February 2018.

Imports from other EU Member States in February 2019 fell to Euros 407.4 mln from Euros 411.7 mln in the same month of the previous year. Imports from third countries also fell to Euros 144.9 mln compared with Euros 200.4 mln in February 2018.

Total exports in February 2019 dropped to Euros 172.9 mln compared with Euros 190.4 mln in February 2018.

Exports to other EU Member States in February 2019 stood at Euros 76.2 mln compared with Euros 78 mln in February 2018. Exports to Third Countries in February 2019 declined to Euros 96.7 mln from Euros 112.4 mln in the same month of 2018.

Source: Cyprus News Agency