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ECONOMY

Trade Deficit Declines By 14% In The First Half Of 2018

Trade Deficit Declines By 14% In The First Half Of 2018

Trade deficit recorded a decline of 14% in the first half of 2018 amounting to € 1,982.3 million compared to € 2,303.0 million in the corresponding period of 2017, according to Cyprus Statistical Service.

The decrease in the deficit was a result of the increase in total exports of goods (to third countries and EU member states), amounting to €2,421.2 million compared to € 1,495.6 million in the period January-June 2017.

The imports of goods (from third countries and from EU Member States) for the period January-June 2018 were € 4,403.5 million compared to €3,798.6 million in the period January-June 2017 .

During June 2018 total imports valued at €621.3 mn as compared to €554.4 mn in June 2017.

Total exports, including stores and provisions, in June 2018 amounted to €361.6 mn as compared to €413.7 mn in June 2017. Exports of domestically produced goods, including stores and provisions in June 2018 were €158.6 mn as compared to €98.8 mn in June 2017 whilst exports of foreign goods, including stores and provisions, in June 2018 were €203.0 mn as compared to €314.9 mn in June 2017. Total domestic exports of industrial products in June 2018 were €149.9 mn compared to €85.5 mn in June 2017. Total domestic exports of agricultural products in June 2018 were €6.1 mn compared to €10.7 mn in June 2017.

Foreign trade continued to increase in July 2018, on the basis of Statistical Service’s preliminary estimates.

Total imports were €785.8 mn as compared to €593.1 mn in July 2017. Imports from other EU Member States in July 2018 were €471.4 mn as compared to €411.2 mn in July 2017. Imports from Third Countries in July 2018 were €314.4 mn as compared to €181.8 mn in July 2017.

Total exports in July 2018 were €349.4 mn as compared to €309.2 mn in July 2017. Exports to other EU Member States in July 2018 were €110.0 mn as compared to €130.2 mn in July 2017. Exports to Third Countries in July 2018 were €239.5 mn as compared to €179.1 mn in July 2017.

Total imports in July 2018 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €70.8 mn. as compared to €34.0 mn in July 2017. Total exports in July 2018 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €52.2 mn. as compared to €73.8 mn in July 2017.

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