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ECONOMY

Cyprus Registers €-0.7billion Trade Deficit in the First Two Months of 2019

Cyprus Registers €-0.7billion Trade Deficit in the First Two Months of 2019


The first estimate for euro area (EA19) exports of goods to the rest of the world in February 2019 was €183.3 billion, an increase of 4.4% compared with February 2018 (€175.6 bn). Imports from the rest of the world stood at €165.4 bn, a rise of 4.0% compared with February 2018 (€159.0 bn). As a result, the euro area recorded a €17.9 bn surplus in trade in goods with the rest of the world in February 2019, compared with + €16.5 bn in February 2018. Intra-euro area trade rose to €160.3 bn in February 2019, up by 3.4% compared with February 2018.

In January to February 2019, euro area exports of goods to the rest of the world rose to €366.8 bn (an increase of 3.4% compared with January-February 2018), and imports rose to €347.0 bn (an increase of 3.6% compared with January-February 2018). As a result the euro area recorded a surplus of €19.8 bn, compared with +€19.6 bn in January-February 2018. Intra-euro area trade rose to €326.8 bn in January-February 2019, up by 3.5% compared with January-February 2018.

The first estimate for extra-EU28 exports of goods in February 2019 was €156.3 billion, up by 6.2% compared with February 2018 (€147.2 bn). Imports from the rest of the world stood at €159.0 bn, up by 8.5% compared with February 2018 (€146.6 bn). As a result, the EU28 recorded a €2.7 bn deficit in trade in goods with the rest of the world in February 2019, compared with a surplus of €0.7 bn in February 2018. Intra-EU28 trade rose to €290.6 bn in February 2019, +3.7% compared with February 2018.

In January to February 2019, extra-EU28 exports of goods rose to €309.8 bn (an increase of 4.1% compared with January-February 2018), and imports rose to €338.2 bn (an increase of 6.2% compared with January-February 2018). As a result, the EU28 recorded a deficit of €28.4 bn, compared with -€20.7 bn in January-February 2018. Intra-EU28 trade rose to €591.8 bn in January-February 2019, +3.6% compared with January-February 2018.

For Cyprus the total value of exports in the reference period was €0.7 billion, an 81% increase compared to the same period of the previous year. More specifically intra EU exports stood at €0.5 billion or a 210% increase and exports to the rest of the world at €0.2 or  -16% decrease. Meanwhile the value of total imports was €1.4 billion, or 10% increase compared to the same period of the previous year. More specifically imports from the EU stood at €0.8billion, a -2% drop and imports from the rest of the world to €0.6 billion or 33% increase. As a result Cyprus registered a €-0.7billion trade deficit  (compared to €-0.8 billion in the same period of the previous year), € -0.3 with the EU (compared to €-0.6) and  €-0.4 with the rest of the world (compared to € -0.2)

Meanwhile for Greece the total value of exports in the reference period was €5.2billion a 4% increase compared to the same period of the previous year. More specifically exports to the EU stood to €2.9 billion or a 8% increase and exports to the rest of the word to €2.3 billion or  -1% decrease. At the same time total imports stood at €9.0 billion, a 4% increase , €4.6billion form the EU (7% increase) and  €4.4billion form the rest of the world  (1% increase). As a result Greece registered a €-3.8 trade deficit instead of €-3.7 billion in the same period of the previous year ( €-1.8 billion with the EU instead of €-1.7 billion and -2.1 billion with the rest of the world instead of -2.0 billion).

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