Insider Economy Imports of goods and exports of domestically produced products decline in May

Imports of goods and exports of domestically produced products decline in May

Total imports of goods from EU Member States and third countries to Cyprus amounted to €466.2 million in May 2020 as compared to €726.8 million in May 2019, recording a decrease of 35.9%.

According to the final data on Cyprus’ foreign trade for May 2020, announced by the Statistical Service, exports of domestically produced products, including stores and provisions, in May 2020 were €104.2 million as compared to €136.1 million in May 2019, recording a decrease of 23.4%.

Domestic exports of industrial products in May 2020 were €92.5 million compared to €118 million in May 2019, whilst domestic exports of agricultural products in May 2020 were €10.5 million compared to €15.7 million in May 2019.

Exports of foreign products, including stores and provisions, in May 2020 were €173.1 million as compared to €158.2 million in May 2019, recording an increase of 9.4%.

The data are included in the monthly electronic publication “Intra & Extra EU Trade Statistics (Summarised Data)” for May 2020.

Moreover, on the basis of provisional data, total imports of goods were €662.8 million as compared to €775.6 million in June 2019, recording a decrease of 14.5%.

Imports from other EU Member States in June 2020 were €384.9 million and from third countries €277.9 million, compared to €488.1 million and €287.5 million respectively in June 2019.

Imports in June 2020 include the transfer of economic ownership of mobile transport equipment, vessels, with a total value of €94.6 million as compared to €157.3 million in June 2019.

Total exports of goods in June 2020 were €273.3 million as compared to €231.9 million in June 2019, recording an increase of 17.9%.

Exports to other EU Member States in June 2020 were €123.3 million and to third countries €150 million, compared to €74.1 million and €157.8 million respectively in June 2019.

Exports in June 2020 include the transfer of economic ownership of mobile transport equipment, vessels, with a total value of €83.8 million as compared to €34.5 million in June 2019.

Total imports of goods from EU Member States and from third countries in January – June 2020 amounted to €3,653.5 million as compared to €4,120.6 million in January – June 2019, recording a decrease of 11.3%.

Total exports of goods to EU Member States and to third countries in January – June 2020 were €1,540.5 million compared to €1,711 million in January – June 2019, registering a decrease of 10%.

The trade deficit was €2,113 million in January – June 2020 compared to €2,409.6 million in the corresponding period of 2019.

Source: CNA

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