Trade deficit declines by 11.5% in January – August 2020

Cyprus’ trade deficit for the period of January – August 2020 declined by an annual 11.5%, with trade affected by the coronavirus pandemic.

According to data published by the Statistical Service of Cyprus (Cystat), the trade deficit amounted to €2,875.1 mn in January – August 2020 compared to €3,248.2 mn in the corresponding period of 2019.

Total imports of goods (from EU Member States and from third countries) in January – August 2020 amounted to €4,828.8 mn compared to €5,438.4 mn in January – August 2019, recording a decrease of 11.2%, Cystat said.

Total exports of goods (to EU Member States and to third countries) in January – August 2020 reached €1,953.7 mn compared to €2,190.2 mn in the same period of 2019, registering a decrease of 10.8%.

According to Cystat, the European Union was the main source of supply of goods to Cyprus with a share of €2,880.2 mn of total imports, while imports from all other European countries totalled €537.4 mn in January - August 2020. Imports from the rest of the world amounted to €1,411.2 mn.

Exports to the European Union accounted for €594.2 mn, while exports to all other European countries for €202.6 mn in January - August 2020. Exports to the rest of the world amounted to €1,156.9 mn.