Trade deficit decreases

Cyprus registers exports worth in total of €1.2 billion for the period January March 2018, a 112% compared to the same period of 2017, according to Eurostat, the statistical service of the EU. More specifically Cyprus exported €0.2 billion within the EU (7% increase) and €1.0 billion outside the EU (increase of 177%). At the same time Cyprus registered a €1.9 billion worth of imports, or 4% increase compared to the same period of 2017 (€1.1 billion form the EU, or 5% increase and €0.8 billion outside the EU, or 3% increase). As a result Cyprus end up with a -€0.7 billion trade deficit, instead of -€1.2 billion for the same period last year.

Meanwhile, the first estimate for euro area (EA19) exports of goods to the rest of the world in March 2018 was €199.9 billion, a decrease of 2.9% compared with March 2017 where they peaked at €205.9 bn. Imports from the rest of the world stood at €173.0 bn, a fall of 2.5% compared with March 2017 (€177.4 bn). As a result, the euro area recorded a €26.9 bn surplus in trade in goods with the rest of the world in March 2018, compared with +€28.5 bn in March 2017. Intra-euro area trade fell to €170.5 bn in March 2018, down by 0.6% compared with March 2017.

In January to March 2018, euro area exports of goods to the rest of the world rose to €555.7 bn (an increase of 2.5% compared with January-March 2017), while imports rose to €506.3 bn (an increase of 1.4% compared with January-March 2017). As a result the euro area recorded a surplus of €49.4 bn, compared with +€42.9 bn in January-March 2017. Intra-euro area trade rose to €485.6 bn in January-March 2018, up by 4.1% compared with January-March 2017.