Eurostat: Cyprus recorded a €4.6 bn trade deficit

The first estimate for euro area (EA19) exports of goods to the rest of the world in November 2019 was €197.7 billion, marking a decrease of 2.9% compared with November 2018 (€203.7 bn), according to data released today by Eurostat, the statisctical service of the EU. Imports from the rest of the world stood at €177.0 bn, a fall of 4.6% compared with November 2018 (€185.5 bn). As a result, the euro area recorded a €20.7 bn surplus in trade in goods with the rest of the world in November 2019, compared with +€18.2 bn in November 2018. Intra-euro area trade fell to €166.0 bn in November 2019, down by 3.8% compared with November 2018.

In Cyprus the total value of exports reached €2.8 bn in the period January to November 2019, a 31% decrease compared to the same period of 2018. Out of that, €1.3 bn were exports to the EU, a 12% increase and  €1.5 bn to the rest of the world or 48% decrease. Meanwhile the total value of imports for the same period wasd €7.5 bn a 10% decrease (€5.0 bn from  the EU a 3% increase and €2.5 from the rest of the world or 28% decrease). As a result Cyrpus recorded a  €4.6 bn trade deficit in the period January to November 2019, compared to  €4.2 bn for the same period of 2018 (€3.7 bn with the EU and €1.0 bn with the rest of the world).

In January to November 2019, euro area exports of goods to the rest of the world rose to €2 159.0 bn (an increase of 2.5% compared with January-November 2018), and imports rose to €1 955.6 bn (an increase of 1.5% compared with January-November 2018). As a result the euro area recorded a surplus of €203.4 bn, compared with +€178.7 bn in January-November 2018. Intra-euro area trade rose to €1 817.9 bn in January-November 2019, up by 0.9% compared with January-November 2018.

The first estimate for extra-EU28 exports of goods in November 2019 was €172.7 billion, down by 0.1% compared with November 2018 (€172.8 bn). Imports from the rest of the world stood at €170.1 bn, down by 3.8% compared with November 2018 (€176.8 bn). As a result, the EU28 recorded a €2.6 bn surplus in trade in goods with the rest of the world in November 2019, compared with a deficit of €4 bn in November 2018. Intra-EU28 trade fell to €302.5 bn in November 2019, -4.6% compared with November 2018.

In January to November 2019, extra-EU28 exports of goods rose to €1 867.0 bn (an increase of 3.5% compared with January-November 2018), and imports rose to €1 892.8 bn (an increase of 3.6% compared with January November 2018). As a result, the EU28 recorded a deficit of €25.8 bn, compared with -€22.6 bn in January November 2018. Intra-EU28 trade rose to €3 305.9 bn in January-November 2019, +1.2% compared with JanuaryNovember 2018.