Insider Economy Cyprus trade deficit records drop in first five months of 2020

Cyprus trade deficit records drop in first five months of 2020

Cyprus’ trade deficit fell from €1,865.8 million in the first five months of last year to €1,723.6 million in the first five months of this year, data released by the Cyprus Statistical Service, on Friday, show.

In particular, according to the electronic publication “Intra & Extra EU Trade Statistics” for the period of January – May 2020 total imports of goods from EU member states and third countries in January – May 2020 amounted to €2,990.7mn as compared to €3,345.0mn in January – May 2019, recording a decrease of 10.6%.

Total exports of goods to EU member states and third countries in January – May 2020 were €1,267.1mn compared to €1,479.2mn in the same period of 2019, registering a drop of 14,3%.

The trade deficit was €1,723.6mn in January – May 2020 compared to €1,865.8mn in the corresponding period of 2019, CyStat says.

According to data, the EU was the main source of supply of goods to Cyprus with a share of €1,719.6mn of total imports, while imports from all other European countries totalled €367.0mn in January – May 2020.

Imports from the rest of the world amounted to €904.1mn.

Exports to the EU accounted for €350.9mn, while exports to all other European countries for €130.4mn in January – May 2020.

Exports to the rest of the world amounted to €785.8.

(CNA)

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