Insider Economy Trade deficit reduces in 2018 according to preliminary data

Trade deficit reduces in 2018 according to preliminary data

Trade deficit for 2018 shows a reduction compared to 2017, according to preliminary data released on Monday by the Statistical Service of Cyprus.

According to the data trade deficit for the period January – December 2018 is € 4.8 billion, compared to € 5.2 billion in the corresponding period of 2017.

Based on the preliminary estimates for Cyprus`s foreign trade, total imports amounted to € 9.1 billion in 2018 compared to € 8.2 billion in 2017, while total exports amounted to € 4.2 billion in 2018 compared with € 2.9 billion in 2017.

In December 2018, total imports were €820.1 mn as compared to €725.3 mn in December 2017. Imports from other EU Member States in December 2018 were €380.0 mn as compared to €453.2 mn in December 2017. Imports from Third Countries in December 2018 were €440.1 mn as compared to €272.0 mn in December 2017.

Total exports in December 2018 were €163.7 mn as compared to €232.9 mn in December 2017. Exports to other EU Member States in December 2018 were €58.9 mn as compared to €81.2 mn in December 2017. Exports to Third Countries in December 2018 were €104.7 mn as compared to €151.7 mn in December 2017.

Total imports in December 2018 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €316.6 mn. as compared to €161.1 mn in December 2017. Total exports in December 2018 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €16.2 mn. as compared to €74.7 mn in December 2017.

(Cyprus News Agency)

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