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ECONOMY

Trade Deficit Drops Significantly In January – August 2020

Trade Deficit Drops Significantly In January – August 2020

Trade deficit at the first eight months of the year showed a large decrease of €426.9 million, mainly due to the significant reduction of more than €450 million in imports, according to data released on Monday by the Statistical Service of Cyprus.

 

The trade deficit was €2,821.4 million in January – August 2020 compared to €3,248.3 million in the corresponding period of 2019. Total imports of goods (from EU Member States and from third countries) in January – August 2020 amounted to €4,774.3 million as compared to €5,438.4 million in January – August 2019, recording a decrease of 12.2%. Total exports of goods (to EU Member States and to third countries) in January – August 2020 were €1,952.9 million compared to €2,190.2 million in January – August 2019, registering a decrease of 10.8%.


 
In August, total imports of goods were €489.4 million as compared to €611.2 million in August 2019, recording a decrease of 19.9%. Imports from other EU Member States in August 2020 were €333.9 million and from third countries €155.5 million, compared to €357.1 mn and €254.1 million respectively in August 2019. Imports in August 2020 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €30.3 million as compared to €82.5 million in August 2019.

 

Total exports of goods in August 2020 were €197.1 million as compared to €230.6 million in August 2019, recording a decrease of 14.5%. Exports to other EU Member States in August 2020 were €55.8 million and to third countries €141.3 million, compared to €50.8 mn and €179.8 million respectively in August 2019. Exports in August 2020 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €43.2 million as compared to €86.3 million in August 2019.

 

In July 2020 total imports of goods (from EU Member States and from third countries) amounted to €625.9 million in July 2020 as compared to €726.6 million in July 2019, recording a decrease of 13.9%. Exports of domestically produced products, including stores and provisions, in July 2020 were €128.6 million as compared to €133.2 million in July 2019, recording a decrease of 3.5%. Domestic exports of industrial products in July 2020 were €122,1 million compared to €125,7 million in July 2019, whilst domestic exports of agricultural products in July 2020 were €5.4 million compared to €5.9 million in July 2019.

 

Exports of foreign products, including stores and provisions, in July 2020 were €83.8 million as compared to €114.8 mn in July 2019, recording a decrease of 27.0%.

 

Source: CNA

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