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ECONOMY

EU Trade Surplus At €99.7 Billion For The First Seven Months Of 2020

EU Trade Surplus At €99.7 Billion For The First Seven Months Of 2020

In January to July 2020, euro area exports of goods to the rest of the world fell to €1 199.6 bn (a decrease of 12.4% compared with January-July 2019), and imports fell to €1 086.6 bn (a decrease of 13.1% compared with January-July 2019). As a result the euro area recorded a surplus of €113.0 bn, compared with +€119.3 bn in January-July 2019. Intra-euro area trade fell to €1 021.8 bn in January-July 2020, down by 13,0% compared with January-July 2019, according to data released today by Eurostat, the statistical service of the EU.

 

In January to July 2020, extra-EU exports of goods fell to €1 089.7 bn (a decrease of 12.2% compared with January-July 2019), and imports fell to €990.0 bn (a decrease of 13.1% compared with January-July 2019). As a result, the EU recorded a surplus of €99.7 bn, compared with +€101.8 bn in January-July 2019. Intra-EU trade fell to €1 599.5 bn in January-July 2020, -11.9% compared with January-July 2019.

 

The total volume of exports of Cyprus was €1.7bn for the first 7 months of 2020, -11% down compared to the same period of 2019 (€0.5bn to the EU, or -42% down and €1.2bn to the rest of the world or +18%). The total volume of imports was €4.3bn or -11% down (€2.5bn from the EU, or -11% down and €1.7bn from the rest of the world or -12% down). As a result Cyprus registered a  -€2.6bn trade deficit, compared to -€2.9 bn for the same period of last year ( -€2.0bn with the EU and -€0.5 bn with the rest of the world).

 

In the firs seven months of 2020, China overtook US as main partner for the EU. This result was due to an increase of imports (+4.9%) combined with a slight drop of exports (-1.8%), while trade with the US recorded a significant drop in both imports (-11.7%) and exports (-9.9%).

 

Source: CNA

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