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ECONOMY

Eurostat: Cyprus Records Trade Deficit of €2.4bn in the First Six Months of 2019

Eurostat: Cyprus Records Trade Deficit of €2.4bn in the First Six Months of 2019

Cyprus recorded a trade deficit of €2.4bn in the first six months of 2019, compared to € 1.8 bn in the same period of 2018, according to Eurostat, the statistical service of the EU. More specifically Cyprus recorded an €1.7bn trade deficit with the EU, compared to €2.0 last year and €0.7bn with the rest of the world, compared to a surplus of €0.2bn last year.

The total value of the exports of Cyprus for the same period was €1.6 bn marking an increase of 37% compared to the same period of last year (€0.9 bn to the EU, or 48% increase and €0.7bn to the rest of the world or 63% decrease). The total value of imports was €4.1bn or 9% decrease in total (€2.6bn from the EU or 1% decrease and €1.4bn from the rest of the world or 21% decrease), the Cyprus News Agency reports.

Meanwhile, the first estimate for euro area (EA19) exports of goods to the rest of the world in June 2019 was €189.9 billion, a decrease of 4.7% compared with June 2018 (€199.3 bn). Imports from the rest of the world stood at €169.3 bn, a fall of 4.1% compared with June 2018 (€176.6 bn). As a result, the euro area recorded a €20.6 bn surplus in trade in goods with the rest of the world in June 2019, compared with +€22.6 bn in June 2018. Intra-euro area trade fell to €160.5 bn in June 2019, down by 6.6% compared with June 2018.

In January to June 2019, euro area exports of goods to the rest of the world rose to €1 163.3 bn (an increase of 3.2% compared with January-June 2018), and imports rose to €1 061.2 bn (an increase of 3.7% compared with January-June 2018). As a result, the euro area recorded a surplus of €102.2 bn, compared with +€103.6 bn in January-June 2018. Intra-euro area trade rose to €1 001.4 bn in January-June 2019, up by 1.8% compared with January-June 2018.

The first estimate for extra-EU28 exports of goods in June 2019 was €164.5 billion, down by 4.4% compared with June 2018 (€172.1 bn). Imports from the rest of the world stood at €158.3 bn, down by 4.2% compared with June 2018 (€165.2 bn). As a result, the EU28 recorded a €6.1 bn surplus in trade in goods with the rest of the world in June 2019, compared with +€7 bn in June 2018. Intra-EU28 trade fell to €288.8 bn in June 2019, -6.4% compared with June 2018.

In January to June 2019, extra-EU28 exports of goods rose to €998.4 bn (an increase of 4.2% compared with January-June 2018), and imports rose to €1 007.5 bn (an increase of 4.9% compared with January-June 2018). As a result, the EU28 recorded a deficit of €9.1 bn, compared with a deficit €2.2 bn in January-June 2018. Intra-EU28 trade rose to €1 814.3 bn in January-June 2019, +2.3% compared with January-June 2018.

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