Trade deficit decreases by Euros 314 million in January – August 2018

Trade deficit in the period January – August 2018 decreased by Euros 314 million compared to the corresponding period of 2017.

According to a publication by the Statistical Service of Cyprus trade deficit was Euros 2,649.8 mn in January-August 2018 compared to Euros 2,963.8 mn in the corresponding period of 2017.

Total imports (covering total imports from third countries and from EU Member States) in January-August 2018 amounted to Euros 5,923.7 mn as compared to Euros 5,025.6 mn in January-August 2017. Total exports (covering total exports to third countries and to EU Member States) in January-August 2018 were Euros 3,273.9 mn compared to Euros 2,061.8 mn in January-August 2017.

During August 2018 total imports (covering total imports from third countries and from EU Member States) valued at Euros 628.4 mn as compared to Euros 622.7 mn in August 2017.

Total exports (covering total exports to third countries and to EU Member States), including stores and provisions, in August 2018 amounted to Euros 264.2 mn as compared to Euros 254.3 mn in August 2017. Exports of domestically produced goods, including stores and provisions in August 2018 were Euros 174.2 mn as compared to Euros 88.3 mn in August 2017 whilst exports of foreign goods, including stores and provisions, in August 2018 were Euros 89.9 mn as compared to Euros 166.1 mn in August 2017. Total domestic exports of industrial products in August 2018 were Euros 167.6 mn compared to Euros 81.8 mn in August 2017. Total domestic exports of agricultural products in August 2018 were Euros 5.0 mn compared to Euros 4.3 mn in August 2017.

Trade deficit increase in September

Moreover, on the basis of preliminary estimates, trade deficit increased by Euros 130 million in September 2018 reaching Euros 397.7 ml compared to Euros 268 ml in the corresponding month in 2017.

On the basis of preliminary estimates for the foreign trade of Cyprus in September 2018, total imports were Euros 661.7 mn as compared to Euros 531.0 mn in September 2017. Imports from other EU Member States in September 2018 were Euros 371.5 mn as compared to Euros 372.9 mn in September 2017. Imports from Third Countries in September 2018 were Euros 290.2 mn as compared to Euros 158.1 mn in September 2017.

Total exports in September 2018 were Euros 264 mn as compared to Euros 263 mn in September 2017. Exports to other EU Member States in September 2018 were Euros 76.9 mn as compared to Euros 71.0 mn in September 2017. Exports to Third Countries in September 2018 were Euros 187.1 mn as compared to Euros 192 mn in September 2017.

Total imports in September 2018 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of Euros 74.6 mn. as compared to Euros 40.1 mn in September 2017. Total exports in September 2018 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of Euros 30.5 mn. as compared to Euros 58.5 mn in September 2017.

Source: Cyprus News Agency