Trade deficit declines to €413 million in January 2021

Cyprus trade deficit in January 2021 amounted to €413.1 million marking a reduction of 13.9% compared to €479.8 million in January 2020, according to provisional data released by the Statistical Service of Cyprus (Cystat).

Cystat released revised data according to which Cyprus’ trade deficit in 2020 amounted to €4.76 billion compared with €5.06 billion in 2019 with total imports declining to €7.50 billion in 2020 from €8.20 billion in 2019 and total exports dropping to €2.74 billion in 2020 compared with €3.13 billion in 2019.
 
In January 2021 total imports of goods amounted to €568.4 million compared with €700 million in January last year marking an annual reduction of 18%.
 
Imports from other EU Member States in January 2021 were €345.6 mn and from third countries €222.8 mn, compared to €425.5 mn and €274.8 mn respectively in January 2020. Imports in January 2021 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €100.5 mn as compared to €113.6 mn in January 2020.
 
Total exports of goods in January 2021 amounted €155.3 mn as compared to €220.6 mn in January last year, recording a decrease of 29.6%. Exports to other EU Member States in January 2021 were €63.5 mn and to third countries €91.7 mn, compared to €73.5 mn and €147.1 mn respectively in January 2020.
 
According to Cystat, exports in January 2021 include the transfer of economic ownership of mobile transport equipment (vessels and aircrafts), with a total value of €35.7 mn compared to €44.2 mn in January 2020.