Insider Economy Cyprus strikes €-0.3 bn trade deficit for January 2019, according to Eurostat.

Cyprus strikes €-0.3 bn trade deficit for January 2019, according to Eurostat.

The first estimate for euro area (EA19) exports of goods to the rest of the world in January 2019 was €183.4 billion, an increase of 2.5% compared with January 2018 (€179.0 bn). Imports from the rest of the world stood at €181.8 bn, a rise of 3.4% compared with January 2018 (€175.9 bn). As a result, the euro area recorded a €1.5 bn surplus in trade in goods with the rest of the world in January 2019, compared with +€3.1 bn in January 2018. Intra-euro area trade rose to €164.6 bn in January 2019, up by 2.4% compared with January 2018.

For Cyprus the first estimate for total exports amounted to €0.5 bn, a 165% increase (€0.4 bn to the EU or 402% increase and €0.1 bn outside the EU, or -18% decrease). Meanwhile total imports amounted at €0.8 bn a 29% increase (€0.4 bn from the EU or -4% decrease and €0.4 bn outside the EU or 83% increase). As a results Cyprus strikes a € -0.3 bn trade deficit for the period, instead of € -0.4 bn on the same period of last year (€0.1 bn surplus  with the EU, instead of €-0.3 bn deficit and €-0.3 bn deficit with the rest of the world instead of €-0.1bn last year).

In 2018, euro area exports of goods to the rest of the world rose to €2 277.6 bn (an increase of 3.7% compared with 2017), and imports rose to €2 084.2 bn (an increase of 6.6% with respect to the previous year). As a result the euro area recorded a surplus of €193.4 bn in 2018, compared with +€240.8 bn in 2017. Intra-euro area trade rose to €1 943.5 bn in 2018, up by 5.3% compared with 2017.

The first estimate for extra-EU28 exports of goods in January 2019 was €153.6 billion, up by 2.1% compared with January 2018 (€150.4 bn). Imports from the rest of the world stood at €178.5 bn, up by 3.9% compared with January 2018 (€171.8 bn). As a result, the EU28 recorded a €24.9 bn deficit in trade in goods with the rest of the world in January 2019, compared with -€21.4 bn in January 2018. Intra-EU28 trade rose to €297.9 bn in January 2019, +2.3% compared with January 2018.

In 2018, extra-EU28 exports of goods rose to €1 955.7 bn (an increase of 4.1% with respect to the previous year), and imports rose to €1 980.4 bn (an increase of 6.6% compared with 2017). As a result, the EU28 recorded a deficit of €24.6 bn, compared with a surplus of €22.1 bn in 2017. Intra-EU28 trade rose to €3 518.3 bn in 2018, +4.9% compared with 2017.

(Cyprus News Agency)

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