Imports and exports decline significantly in 2020

Cyprus’ trade deficit was €4,799.3 mn in 2020 compared to €5,063.1 mn in the corresponding period of 2019 οn the basis of provisional data released Tuesday by the Statistical Service of Cyprus. The trade deficit reduction was due to the bigger decrease in total exports, compared to the decrease in imports during 2020.

In particular, total imports of goods (from EU Member States and from third countries) in January – December 2020 amounted to €7,539.9 mn as compared to €8,200.1 mn in January – December 2019, recording a decrease of 8.1%. Total exports of goods (to EU Member States and to third countries) in January – December 2020 were €2,740.6 mn compared to €3,137.0 mn in January – December 2019, registering a decrease of 12.6%.
 
Total exports of goods in December 2020 were €191.8 mn as compared to €252.7 mn in December 2019, recording a decrease of 24.1%. Exports to other EU Member States in December 2020 were €58.5 mn and to third countries €133.3 mn, compared to €96.7 mn and €156.0 mn respectively in December 2019. Exports in December 2020 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €44.7 mn as compared to €101.5 mn in December 2019.

Total imports of goods were €664.9 mn as compared to €689.8 mn in December 2019, recording a decrease of 3.6%. Imports from other EU Member States in December 2020 were €390,9 mn and from third countries €274.0 mn, compared to €374.7 mn and €315.1 mn respectively in December 2019. Imports in December 2020 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €94.3 mn as compared to €134.5 mn in December 2019.
 
According to the final data for November 2020 total imports of goods (from EU Member States and from third countries) amounted to €636.7 mn in November 2020 as compared to €660.7 mn in November 2019, recording a decrease of 3.6%.
 
Exports of domestically produced products, including stores and provisions, in November 2020 were €98.3 mn as compared to €96.4 mn in November 2019, recording an increase of 2.0%. Domestic exports of industrial products in November 2020 were €92.6 mn compared to €88.4 mn in November 2019, whilst domestic exports of agricultural products in November 2020 were €4.2 mn compared to €6.4 mn in November 2019.

Exports of foreign products, including stores and provisions, in November 2020 were €48.2 mn as compared to €136.3 mn in November 2019, recording a decrease of 64.6%.