Insider Economy Trade gap widens following decline in exports in Q1

Trade gap widens following decline in exports in Q1

The trade deficit of Cyprus widened significantly in the first three months of the year, rising by €360.7 mn, compared with the same period of 2018, as exports declined.

The Statistical Service of Cyprus said on Monday that the trade deficit was €1,045.8 mn in January-March 2019 compared with €685.1 mn in the corresponding period of 2018.

Total imports in January-March 2019 valued at €1.976,3 mn compared with €1,963.9 mn in January-March 2018, while total exports declined to €930.5 mn compared with €1.278,8 mn last year.

Surplus turns to deficit in March
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Cystat figures showed that last year’s trade surplus of €153 mn in March turned to a deficit of €386.1 mn in the same month of 2019.

In March 2019 total imports valued at €598.8 mn compared with €729.9 mn in March 2018, while total exports, including stores and provisions, dropped significantly to €212.7 mn from €882.9 mn in March 2018.

Exports of domestically produced goods, including stores and provisions in March 2019 fell to €90.9 mn from €109.0 mn in March 2018 whilst exports of foreign goods, including stores and provisions, in March 2019 declined sharply to €121.8 mn compared with €773.9 mn in March 2018. Total domestic exports of industrial products in March 2019 declined to €77.8 mn compared with €93.3 mn in March 2018 and total domestic exports of agricultural products declined to €10.2 mn from €13.2 mn.

Trade deficit falls in April, according to preliminary estimates
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In the fourth month of the year, the trade deficit is projected at €394.5 mn from €679.7 mn of April 2018.

Cystat preliminary estimates showed that in April 2019, total imports fell sharply to €634.8 mn from €1014.9 mn in April 2018. Imports from other EU member states in April 2019 were €460.3 mn compared with €517.0 mn in April 2018, while imports from third countries in April 2019 dropped to €174.5 mn compared with €497.9 mn in April 2018.

Total exports in April 2019 declined to €240.3 mn from €335.2 mn in April 2018. Exports to other EU member states fell to €94.3 mn from €119.2 mn in April 2018, whereas exports to third countries in April 2019 also dropped to €146.1 mn from €216.0 mn in April 2018.

(Cyprus News Agency)

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