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Cyprus trade deficit at €1.9bn in January - June 2018

16/08/2018 15:42

According to Eurostat data released today, the first estimate for euro area (EA19), exports of goods to the rest of the world in June 2018 was €198.6 billion, marking an increase of 5.7% compared with June 2017 (€187.9 bn). Imports from the rest of the world stood at €176.1 bn, recording a rise of 8.6% compared with June 2017 (€162.2 bn).

As a result, the euro area recorded a €22.5 bn trade surplus in goods with the rest of the world in June 2018, compared with +€25.7 bn in June 2017. Intra-euro area trade rose to €170.7 bn in June 2018, up by 7.1% compared with June 2017.

Meanwhile in Cyprus total exports amounted to €2.4 bn in the same period, increased by 64% compared to the same period of last year. More specifically €0.6bn, or 12% increase was with the EU and €1.8bn or 93% increase with the rest of the world. At the same time, total imports amounted to €4.3bn a 17% increase (€2.6bn with the EU, or 7% increase and €1.8bn with the rest of the world, or 33% increase).

As a result Cyprus registered a €1.9bn trade deficit for the specific period instead of €2.3bn recorded in the same period of 2017.

In January to June 2018, euro area exports of goods to the rest of the world rose to €1 124.6 bn (increase by 3.1% compared with January-June 2017), while imports rose to €1 023.8 bn (an increase of 3.8% compared with January-June 2017). As a result the euro area recorded a surplus of €100.7 bn, compared with +€103.7 bn in January-June 2017. Intra-euro area trade rose to €980.6 bn in January-June 2018, up by 5.5% compared with January-June 2017.

The first estimate for extra-EU28 exports of goods in June 2018 was €171.5 billion, up by 8.2% compared with June 2017 (€158.5 bn). Imports from the rest of the world stood at €164.6 bn, up by 8.4% compared with June 2017 (€151.9 bn). As a result, the EU28 recorded a €6.9 bn surplus in trade in goods with the rest of the world in June 2018, compared with +€6.6 bn in June 2017. Intra-EU28 trade rose to €304.8 bn in June 2018, +5.4% compared with June 2017.