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ECONOMY

Trade Deficit up in the First Five Months of the Year

Trade Deficit up in the First Five Months of the Year

The trade deficit of Cyprus increased to €1.897,6 mn between January and May 2019 compared with €1.743,6 mn in the corresponding period of 2018, according to figures released by the Statistical Service on Friday, August 9, 2019

Cystat said that total imports from third countries and from EU member states in January-May 2019 fell to €3.345,4 mn compared with €3.818,7 mn in January-May 2018, while total exports to third countries and to EU member states increased to €1.447,8 mn from €2.075,1 mn in the same period last year.

Total imports in January-May 2019 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €493,8 mn compared with €927,0 mn in January-May 2018. Total exports in January-May 2019 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €572,2 mn compared with €920,1 mn in January-May 2018.

In May the trade deficit increased by €72,4 mn. Total imports fell to €723,7 mn from €839,9 mn in May 2018 and total exports, including stores and provisions, in May 2019 also fell to €272,5 mn from €461,1 mn in May 2018.

Exports of domestically produced goods, including stores and provisions in the fifth month of the year were €135,9 mn compared with €154,9 mn in the same month last year whilst exports of foreign goods, including stores and provisions, in May 2019 fell to €136,6 mn from €306,2 mn in May 2018. Total domestic exports of industrial products in May 2019 were €117,6 mn compared with €139,3 mn in May 2018 and total domestic exports of agricultural products were €16,6 mn compared with €12,8 mn in May 2018.

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