Insider Economy Cyprus trade deficit down in January – September 2020

Cyprus trade deficit down in January – September 2020

Trade deficit in Cyprus was €3,269.1 mn in January – September 2020 compared to €3,746.5 mn in the corresponding period of 2019, on the basis of provisional data announced Monday by the Statistical Service of Cyprus. Both imports and exports declined in the first nine months of 2020.

Total imports of goods were €570.3 mn as compared to €718.3 mn in September 2019, recording a decrease of 20.6%. Imports from other EU member states in September 2020 were €386.4 mn and from third countries €184.0 mn, compared to €416.7 mn and €301.6 mn respectively in September 2019. Imports in September 2020 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €48.0 mn as compared to €124.3 mn in September 2019.

Total exports of goods in September 2020 were €176.4 mn as compared to €220.0 mn in September 2019, recording a decrease of 19.8%. Exports to other EU member states in September 2020 were €57.9 mn and to third countries €118.5 mn, compared to €73.4 mn and €146.7 mn respectively in September 2019. Exports in September 2020 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €17.4 mn as compared to €15.9 mn in September 2019.

Total imports of goods (from EU member states and from third countries) in January – September 2020 amounted to €5,399.2 mn as compared to €6,156.7 mn in January – September 2019, recording a decrease of 12.3%. Total exports of goods (to EU member states and to third countries) in January – September 2020 were €2,130.1 mn compared to €2,410.2 mn in January – September 2019, registering a decrease of 11.6%.

In August 2020 total imports of goods (from EU member states and from third countries) amounted to €498.7 mn as compared to €611.2 mn in August 2019, recording a decrease of 18.4%.

Exports of domestically produced products, including stores and provisions, in August 2020 were €101.9 mn as compared to €84.6 mn in August 2019, recording an increase of 20.4%. Domestic exports of industrial products in August 2020 were €96.6 mn compared to €78.1 mn in August 2019, whilst domestic exports of agricultural products in August 2020 were €3.7 mn compared to €4.6 mn in August 2019.

Exports of foreign products, including stores and provisions, in August 2020 were €95.6 mn as compared to €146.0 mn in August 2019, recording a decrease of 34.5%.

(CNA)

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