Insider Economy Cyprus registers trade deficit of 1.0 billion in Q1 2019

Cyprus registers trade deficit of 1.0 billion in Q1 2019

The first estimate for euro area (EA19) exports of goods to the rest of the world in March 2019 was €205.6 billion, recording an increase of 3.1% compared with March 2018 (€199.5 bn). Imports from the rest of the world stood at €183.1 bn, a rise of 6.0% compared with March 2018 (€172.7 bn). As a result, the euro area recorded a €22.5 bn surplus in trade in goods with the rest of the world in March 2019, compared with + €26.9 bn in March 2018. Intra-euro area trade fell to €172.1 bn in March 2019, -0.3% compared with March 2018.

In January to March 2019, euro area exports of goods to the rest of the world rose to €575.6 bn (an increase of 3.9% compared with January-March 2018), and imports rose to €532.2 bn (an increase of 4.8% compared with January-March 2018). As a result the euro area recorded a surplus of €43.5 bn, compared with +€46.5 bn in January-March 2018. Intra-euro area trade rose to €500.6 bn in January-March 2019, up by 2.5% compared with January-March 2018.

In Cyprus the total volume of exports amounted to 0.9 billion euro, a -28% decrease compared to the same period of the previous year (0.6 billion euro or 149% increase with the EU and 0.3 billion euro or  -71% decrease with the rest of the world. At  the same time imports amounted to 1.9 billion euro stable compared to the same period of last year (1.2 billion form the EU or 3% increase and 0.7 billion from the rest of the world or  -5% decrease). This resulted to a negative trade balance of -1.0 billion this year, compared to -0.7 last year (-0.6 instead of -0.9 with the EU and -0.4 instead of 0.2 with the rest of the world.

The first estimate for extra-EU28 exports of goods in March 2019 was €173.4 billion, up by 1.2% compared with March 2018 (€171.3 bn). Imports from the rest of the world stood at €170.4 bn, up by 6.4% compared with March 2018 (€160.1 bn). As a result, the EU28 recorded a €2.9 bn surplus in trade in goods with the rest of the world in March 2019, compared with +€11.2 bn in March 2018. Intra-EU28 trade rose to €317.2 bn in March 2019, +2.7% compared with March 2018.

In January to March 2019, extra-EU28 exports of goods rose to €483.6 bn (an increase of 3.1% compared with January-March 2018), and imports rose to €507.6 bn (an increase of 6.1% compared with January-March 2018). As a result, the EU28 recorded a deficit of €24.0 bn, compared with -€9.6 bn in January-March 2018. Intra-EU28 trade rose to €914.3 bn in January-March 2019, +3.9% compared with January-March 2018.

(Cyprus News Agency)

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