Insider Economy Trade deficit declines in first two months as exports to EU rise...

Trade deficit declines in first two months as exports to EU rise significantly

Cyprus trade deficit recorded a significant drop in the first two months of the year, as exports rose significantly by €300 mln, compared to the same period last year.

Preliminary estimates on Cyprus’ foreign trade in February 2019, announced on Tuesday by the Statistical Service, showed that the trade deficit in January and February was down to €656.98 mln, compared with €838.06 mln in the same months last year.

Imports rose to €1.36 bln in the first two months of 2019, from €1.23 bln in the same period of 2018, while exports soared to €706.53 mln, compared with €395.88 mln between January and February 2018, as a result of a steep increase in exports to other EU member states, that rose to €515.25 mln, from €167.45 mln in the same months last year.

Furthermore, the Statistical Service estimated that in February total imports declined to €552.3 mln from €612.1 mln in February 2018.

Imports from other EU Member States in February 2019 fell to €407.4 mln from €411.7 mln in the same month of the previous year. Imports from third countries also fell to €144.9 mln compared with €200.4 mln in February 2018.

Total exports in February 2019 dropped to €172.9 mln compared with €190.4 mln in February 2018.

Exports to other EU Member States in February 2019 stood at €76.2 mln compared with €78 mln in February 2018. Exports to Third Countries in February 2019 declined to €96.7 mln from €112.4 mln in the same month of 2018.

(Cyprus News Agency)

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