Insider Economy Cyprus' trade deficit declines by an annual 12.5% in January – July...

Cyprus’ trade deficit declines by an annual 12.5% in January – July 2020

Cyprus’ Trade Deficit declined by 12.5% for the period of January to July 2020 continuing its downward trend affected by the disruption caused by the coronavirus crisis.

According to preliminary data published by the Cyprus Statistical Service (Cystat), the trade deficit for January – July 2020 amounted to €2,529.4 million in January – July 2020 compared to €2,891.3 million in the corresponding period of 2019.

Total imports for January – July 2020 from EU Member States and from third countries amounted to €4,283.2 million as compared to €4,853 million in January – July 2019, recording a decrease of 11.7%.

Total exports of goods to EU Member States and to third countries in January – July 2020 were €1,753.8 million compared to €1,961.7 million in January – July 2019, registering a decrease of 10.6%.

In July, total imports of goods were €618,4 million as compared to €732,3 million in July 2019, recording a decrease of 15.6%.

Imports from other EU Member States in July 2020 were €432,4 million and from third countries €186,1 million, compared to €448.8 million and €283,6 million respectively in July 2019.

Imports in July 2020 include the transfer of economic ownership of mobile transport equipment (vessels), with a total value of €42.6 million as compared to €42,4 million in July 2019, Cystat said.

Total exports of goods in July 2020 amounted to €209.6 million as compared to €250.7 million in July 2019, recording a decrease of 16.4%.

Exports to other EU Member States in July 2020 were €61.1 million and to third countries €148.5 million, compared to €95.4 million and €155.2 million respectively in July 2019.

Exports in July 2020 include the transfer of economic ownership of mobile transport equipment (vessels), with a total value of €33.4 million as compared to €33.5 million in July 2019.

(CNA)

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