Trade gap widens following decline in exports in Q1

The trade deficit of Cyprus widened significantly in the first three months of the year, rising by Euros 360.7 mn, compared with the same period of 2018, as exports declined.

The Statistical Service of Cyprus said on Monday that the trade deficit was Euros 1,045.8 mn in January-March 2019 compared with Euros 685.1 mn in the corresponding period of 2018.

Total imports in January-March 2019 valued at Euros 1.976,3 mn compared with Euros 1,963.9 mn in January-March 2018, while total exports declined to Euros 930.5 mn compared with Euros 1.278,8 mn last year.

Surplus turns to deficit in March

Cystat figures showed that last year’s trade surplus of Euros 153 mn in March turned to a deficit of Euros 386.1 mn in the same month of 2019.

In March 2019 total imports valued at Euros 598.8 mn compared with Euros 729.9 mn in March 2018, while total exports, including stores and provisions, dropped significantly to Euros 212.7 mn from Euros 882.9 mn in March 2018.

Exports of domestically produced goods, including stores and provisions in March 2019 fell to Euros 90.9 mn from Euros 109.0 mn in March 2018 whilst exports of foreign goods, including stores and provisions, in March 2019 declined sharply to Euros 121.8 mn compared with Euros 773.9 mn in March 2018. Total domestic exports of industrial products in March 2019 declined to Euros 77.8 mn compared with Euros 93.3 mn in March 2018 and total domestic exports of agricultural products declined to Euros 10.2 mn from Euros 13.2 mn.

Trade deficit falls in April, according to preliminary estimates

In the fourth month of the year, the trade deficit is projected at Euros 394.5 mn from Euros 679.7 mn of April 2018.

Cystat preliminary estimates showed that in April 2019, total imports fell sharply to Euros 634.8 mn from Euros 1014.9 mn in April 2018. Imports from other EU member states in April 2019 were Euros 460.3 mn compared with Euros 517.0 mn in April 2018, while imports from third countries in April 2019 dropped to Euros 174.5 mn compared with Euros 497.9 mn in April 2018.

Total exports in April 2019 declined to Euros 240.3 mn from Euros 335.2 mn in April 2018. Exports to other EU member states fell to Euros 94.3 mn from Euros 119.2 mn in April 2018, whereas exports to third countries in April 2019 also dropped to Euros 146.1 mn from Euros 216.0 mn in April 2018.

Source: Cyprus News Agency