Insider Economy -€2.6 billion trade deficit for Cyprus for the first 7 months of...

-€2.6 billion trade deficit for Cyprus for the first 7 months of 2020

Data released today by Eurostat show that the total volume of Cyprus’ exports was €1.7billion for the first 7 months of 2020, -11% down compared to the same period of 2019 (€0.5billion to the EU, or -42% down and €1.2billion to the rest of the world or +18%).

The total volume of imports was €4.3billion or -11% down (€2.5billion from the EU, or -11% down and €1.7billion from the rest of the world or -12% down).

As a result Cyprus registered a -€2.6billion trade deficit, compared to -€2.9 billion for the same period of last year (-€2.0billion with the EU and -€0.5 billion with the rest of the world).

From January to July 2020, euro area exports of goods to the rest of the world fell to €1,199.6 billion (a decrease of 12.4% compared to January–July 2019).

Euro area imports fell to €1,086.6 billion (a decrease of 13.1% compared with January–July 2019).

As a result the euro area recorded a surplus of €113.0 billion, compared to +€119.3 billion in January–July 2019.

Intra-euro area trade fell to €1,021.8 billion in January–July 2020, down by 13,0% compared to January–July 2019.

From January to July 2020, extra-EU exports of goods fell to €1,089.7 billion (a decrease of 12.2% compared to January–July 2019).

Extra-EU imports fell to €990.0 billion (a decrease of 13.1% compared to January–July 2019).

As a result, the EU recorded a surplus of €99.7 billion, compared to +€101.8 billion in January–July 2019.

Intra-EU trade fell to €1,599.5 billion in January–July 2020, -11.9% compared to January–July 2019.

In the first seven months of 2020, China overtook US as main partner for the EU. This result was due to an increase of imports (+4.9%) combined with a slight drop of exports (-1.8%).

At the same time, trade with the US recorded a significant drop in both imports (-11.7%) and exports (-9.9%).

(CNA)

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