Insider Business Cyprus records a 2.4 billion euro trade deficit between January and July...

Cyprus records a 2.4 billion euro trade deficit between January and July 2018

The first estimate for euro area (EA19) exports of goods to the rest of the world in July 2018 was €194.6 billion, an increase of 9.4% compared with July 2017 (€177.8 bn). Imports from the rest of the world stood at €177.1 bn, a rise of 13.4% compared with July 2017 (€156.2 bn).

As a result, the euro area recorded a €17.6 bn surplus in trade in goods with the rest of the world in July 2018, compared with +€21.6 bn in July 2017. Intra-euro area trade rose to €162.3 bn in July 2018, up by 9.3% compared with July 2017.

Ιn Cyprus exports of good increase to 2.7 billion in the same period, or by 55% (0.7 billion to the EU or 7% increase and to 2.0 billion euro or by 84% with the rest of the world). Meanwhile total imports increase to 5.2 billion or by 20% (3.1 billion form the EU or by 11% and to 2.1 billion euro or by 38% from the rest of the world). As a result Cyprus recorded a -2.4 billion trade deficit for the given period, (from -2.5 last year) -2.4 billion with the EU (from -2.1 billion last year) and -0.1 bilion with the rest of the world (from -0.4 billion last year).

In January to July 2018, euro area exports of goods to the rest of the world rose to €1 319.3 bn (an increase of 4% compared with January-July 2017), while imports rose to €1 200.8 bn (an increase of 5.1% compared with January July 2017). As a result the euro area recorded a surplus of €118.5 bn, compared with +€125.3 bn in January-July 2017. Intra-euro area trade rose to €1 143.3 bn in January-July 2018, up by 6% compared with January-July 2017.

The first estimate for extra-EU28 exports of goods in July 2018 was €170.4 billion, up by 9.6% compared with July 2017 (€155.5 bn). Imports from the rest of the world stood at €170.4 bn, up by 15.4% compared with July 2017 (€147.7 bn). As a result, the EU28 recorded a €0.1 bn surplus in trade in goods with the rest of the world in July 2018, compared with +€7.8 bn in July 2017. Intra-EU28 trade rose to €288.0 bn in July 2018, +8.7% compared with July 2017.

In January to July 2018, extra-EU28 exports of goods rose to €1 127.2 bn (an increase of 3.6% compared with January-July 2017), while imports rose to €1 131.2 bn (an increase of 4.5% compared with January-July 2017). As a result, the EU28 recorded a deficit of €4.1 bn, compared with a surplus of €6.3 bn in January-July 2017. IntraEU28 trade rose to €2 055.5 bn in January-July 2018, +5.6% compared with January-July 2017.

Source: Cyprus News Agency

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