Trade deficit up annually in first five months of 2021

The trade deficit in the first five months of 2021 recorded an annual increase, according to data released on Monday from the Statistical Service of Cyprus.

In its monthly electronic publication “Intra & Extra EU Trade Statistics (by commodity and country)” for January - May 2021, it says that
total imports of goods (from EU Member States and from third countries) in January - May 2021 amounted to €3,256.9 mn  compared to €2,956.5 mn in January - May 2020, recording an increase of 10.2%.

Total exports of goods (to EU Member States and to third countries) in January - May 2021 were €1,022.8 mn compared to €1,265.8 mn in the same period of 2020, registering a decrease of 19.2%.

The trade deficit was €2,234.1 mn in January - May 2021 compared to €1,690.7 mn in the corresponding period of 2020.

It adds that the European Union was the main source of supply of goods to Cyprus with a share of €2,103.1 mn of total imports, while imports from all other European countries totalled €227.5 mn in January - May 2021. Imports from the rest of the world amounted to €926.3 mn.

Exports to the European Union accounted for €341.0 mn, while exports to all other European countries for €146.1 mn in January - May 2021. Exports to the rest of the world amounted to €535.7 mn.