Insider Economy Cyprus trade deficit drops to €4.2 billion in January - November 2018

Cyprus trade deficit drops to €4.2 billion in January – November 2018

Cyprus` export of goods to the rest of the world in  January – November 2018 reached €4.0 bn, a 50.1% increase compared to the same period of 2017, according to a first estimate published by Eurostat. Exports to the EU reached €1.1 bn, recording a 9.3% increase while export outside the EU amounted to €2.9 bn marking a 75.6% increase.

Meanwhile imports reached 8.2 bn, a 10.8% increase (€4.8 bn or 7.1% from the EU and €3.4 bn or 16.4% increase from the rest of the world) contributing to a decreased trade deficit of €4.2 billion compared to €4.8 billion in the same period of 2017 (€3.7 bn with the EU, compared to €3.5 billion in 2017 and €0.5 billion with the rest of the world, compared to €1.3 billion in 2017).

The first estimate for euro area (EA19) exports of goods to the rest of the world in November 2018 was €203.0 billion, an increase of 1.9% compared with November 2017 (€199.2 bn). Imports from the rest of the world stood at €184.0 bn, a rise of 4.7% compared with November 2017 (€175.7 bn). As a result, the euro area recorded a €19.0 bn surplus in trade in goods with the rest of the world in November 2018, compared with €23.4 bn in November 2017. Intra-euro area trade rose to €170.5 bn in November 2018, up by 1.5% compared with November 2017.

In January to November 2018, euro area exports of goods to the rest of the world rose to €2 098.4 bn (an increase of 4.2% compared with January-November 2017), while imports rose to €1 923.2 bn (an increase of 6.6% compared with January-November 2017). As a result, the euro area recorded a surplus of €175.2 bn, compared with €210.4 bn in January-November 2017. Intra-euro area trade rose to €1 797.3 bn in January-November 2018, up by 5.7% compared with January-November 2017.

The first estimate for extra-EU28 exports of goods in November 2018 was €172.7 billion, up by 2.6% compared with November 2017 (€168.4 bn). Imports from the rest of the world stood at €175.9 bn, up by 7.6% compared with November 2017 (€163.4 bn). As a result, the EU28 recorded a €3.2 bn deficit in trade in goods with the rest of the world in November 2018, compared with a surplus of €4.9 bn in November 2017. Intra-EU28 trade rose to €313.1 bn in November 2018, +2.5% compared with November 2017.

In January to November 2018, extra-EU28 exports of goods rose to €1 800.0 bn (an increase of 4.7% compared with January-November 2017), while imports rose to €1 825.3 bn (an increase of 6.7% compared with January- November 2017). As a result, the EU28 recorded a deficit of €25.2 bn, compared with a surplus of €9.0 bn in January-November 2017. Intra-EU28 trade rose to €3 256.2 bn in January-November 2018, +5.3% compared with January-November 2017.

(Cyprus News Agency)

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