Insider Economy Cyprus trade deficit down to €4.9 billion in 2018

Cyprus trade deficit down to €4.9 billion in 2018

The first estimate for euro area (EA19) exports of goods to the rest of the world in December 2018 was €176.5 billion, recording a decrease of 2.5% compared with December 2017 (€181.0 b).

Imports from the rest of the world stood at €159.5 b, marking a rise of 1.9% compared with December 2017 (€156.5 b). As a result, the euro area recorded a €17.0 b surplus in trade in goods with the rest of the world in December 2018, compared with +€24.5 b in December 2017. Intra-euro area trade fell to €142.6 b in December 2018, down by 1.2% compared with December 2017.

In Cyprus the volume of total exports increased to €4.2 b (44%), namely to €1.2 b (or 7% increase compared to 2017) exports to the EU28 and to €3.0 b (67%) to the rest of the world. Meanwhile total imports increased to €9.1 b (11%), and more specifically to €5.2 b from the EU (5%) and to €3.9 b (21%) form the rest of the world.

This resulted into a €4.9 b trade deficit, down from €5.2 b in 2017 (€4.0 b with the EU instead of €3.8 b and  -0.9 b with the rest of the world instead of € -1.4b in 2017).

In January to December 2018, euro area exports of goods to the rest of the world rose to €2 276.3 b (an increase of 3.7% compared with January-December 2017), and imports rose to €2 082.1 b (an increase of 6.2% compared with January-December 2017). As a result, the euro area recorded a surplus of €194.2 b, compared with +€234.9 b in January-December 2017. Intra-euro area trade rose to €1 941.9 b in January-December 2018, up by 5.2% compared with January-December 2017.

The first estimate for extra-EU28 exports of goods in December 2018 was €153.9 b, down by 3.9% compared with December 2017 (€160.1 b). Imports from the rest of the world stood at €153.2 b, up by 4.3% compared with December 2017 (€146.9 b). As a result, the EU28 recorded a €0.7 b surplus in trade in goods with the rest of the world in December 2018, compared with +€13.1 b in December 2017. Intra-EU28 trade fell to €255.2 b in December 2018, -1.5% compared with December 2017.

In January to December 2018, extra-EU28 exports of goods rose to €1 954.9 b (an increase of 4.0% compared with January-December 2017), and imports rose to €1 977.5 b (an increase of 6.5% compared with January/December 2017). As a result, the EU28 recorded a deficit of €22.6 b, compared with a surplus of €22.2 bn in January-December 2017. Intra-EU28 trade rose to €3 514.3 b in January-December 2018, +4.8% compared with January-December 2017.

(Cyprus News Agency)

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