Insider Economy Cyprus trade deficit rises by 6.22% in January – April 2019

Cyprus trade deficit rises by 6.22% in January – April 2019

Cyprus’ trade deficit for the period of January to April 2019 rose by 6.22% amounting to €1.45 billion compared with €1.36 billion in the respective period of 2018, Cyprus Statistical Service (Cystat) has said.

According to Cystat, total imports (covering total imports from third countries and from EU Member States) in January-April 2019 amounted to €2,622.2 million compared to €2,978.8 mn in January-April 2018.

Total exports (covering total exports to third countries and to EU Member States) in January-April 2019 reached €1,172.5 mn compared to €1,614, mn in January-April 2018.

“Net” deficit at €1,54 billion Cystat noted that total imports in January-April 2019 include the transfer of economic ownership of mobile transport equipment (vessels), with a total value of €432.8 mn as compared to €737.2 mn in January-April 2018, while total exports in January-April 2019 include the transfer of economic ownership of mobile transport equipment (vessels) amounting to €528,1 mn as compared to €742,5 mn in January-April 2018.

Adjusting for the transfer of economic ownership, which mostly relates with shipping industry that is foreign-owned, the net trade deficit for the period of January – April 2019 amounted to €1.54 billion, marking an increase of 13% compared with €1.37 billion in the respective period of 2018.

In April total imports (covering total imports from third countries and from EU Member States) valued at €645,9 mn as compared to €1.014,9 mn in April 2018, Cystat noted.

Total exports (covering total exports to third countries and to EU Member States), including stores and provisions, in April 2019 amounted to €241,0 mn as compared to €335,2 mn in April 2018.

Exports of domestically produced goods, including stores and provisions in April 2019 were €128,1 mn as compared to €128,1 mn in April 2018 whilst exports of foreign goods, including stores and provisions, in April 2019 were €112,9 mn as compared to €207,1 mn in April 2018. Total domestic exports of industrial products in April 2019 were €111,5 mn compared to €114,2 mn in April 2018.

Total domestic exports of agricultural products in April 2019 were €14,1 mn compared to €11,9 mn in April 2018, Cystat noted.

(Cyprus News Agency)

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