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ECONOMY

Cyprus Registers -€0.8 Trade Deficit for January - February 2018

Cyprus Registers -€0.8 Trade Deficit for January - February 2018

Cyprus registered a total export value of € 0.4 billion in the first two months of 2018, an increase of 10% compared to the same period of 2017, according to Eurostat the statistical service of the EU.

Half of it (€0.2 billion) was to the EU, an increase of 27% and the other half (€0.2 billion) to the rest of the world (unchanged 0% compared to the same period of 2017).

Meanwhile the total value of Cyprus` imports stood at €1.2 billion, a 7% increase compared to last year, out of which 0.8 billion with the EU (19% increase) and €0.4billion with the rest of the world (a -10% decrease). As a result Cyprus registered  -€0.8 trade deficit, same as last year, -€0.6 with the EU (compared to -€0.5 last year) and -0.2 with the rest of the world (compared to -€0.3 last year).

According to Eurostat, the first estimate for euro area (EA19) exports of goods to the rest of the world in February 2018 was €177.5 billion, an increase of 3.0% compared with February 2017 (€172.3 bn). Imports from the rest of the world stood at €158.6 bn, a rise of 1.5% compared with February 2017 (€156.2 bn). As a result, the euro area recorded a €18.9 bn surplus in trade in goods with the rest of the world in February 2018, compared with +€16.1 bn in February 2017. Intra-euro area trade raised to €153.7 bn in February 2018, up by 3.9% compared with February 2017, the Cyprus News Agency reports.

In January to February 2018, euro area exports of goods to the rest of the world rose to €356.2 bn (an increase of 5.9% compared with January-February 2017), while imports rose to €333.8 bn (an increase of 3.8% compared with January-February 2017). As a result the euro area recorded a surplus of €22.4 bn, compared with +€14.5 bn in January-February 2017. Intra-euro area trade rose to €314.0 bn in January-February 2018, up by 6.5% compared with January-February 2017.

The first estimate for extra-EU28 exports of goods in February 2018 was €149.2 billion, up by 1.7% compared with February 2017 (€146.7 bn). Imports from the rest of the world stood at €145.9 bn, down by 0.4% compared with February 2017 (€146.5 bn). As a result, the EU28 recorded a €3.3 bn surplus in trade in goods with the rest of the world in February 2018, compared with +€0.2 bn in February 2017. Intra-EU28 trade rose to €277.4 bn in February 2018, +3.5% compared with February 2017.

In January to February 2018, extra-EU28 exports of goods rose to €299.7 bn (an increase of 4% compared with January-February 2017), while imports rose to €316.8 bn (an increase of 3.6% compared with January-February 2017). As a result, the EU28 recorded a deficit of €17.1 bn, compared with -€17.5 bn in January-February 2017. Intra-EU28 trade rose to €567.2 bn in January-February 2018, +6.6% compared with January-February 2017.

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