Trade deficit down by €19.7 million in January – February

Τrade deficit of Cyprus decreased by €19.7 million in January – February 2021, when it was €994.5 mn compared to €1,014.2 mn in the corresponding period of 2020.

On the basis of provisional data by the Statistical Service of Cyprus, total imports of goods were €733.2 mn as compared to €752.7 mn in February 2020, recording a decrease of 2.6%. Imports from other EU Member States in February 2021 were €367.6 mn and from third countries €365.6 mn, compared to €374.1 mn and €378.6 mn respectively in February 2020. Imports in February 2021 include the transfer of economic ownership of mobile transport equipment (vessels and aircrafts), with total value of €220.9 mn as compared to €223.0 mn in February 2020.

Total exports of goods in February 2021 were €177.9 mn as compared to €218.3 mn in February 2020, recording a decrease of 18.5%. Exports to other EU Member States in February 2021 were €57.4 mn and to third countries €120.4 mn, compared to €73.4 mn and €144.9 mn respectively in February 2020. Exports in February 2021 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €30.5 mn as compared to €56.7 mn in February 2020.

Total imports of goods (from EU Member States and from third countries) in January – February 2021 amounted to €1,327.6 mn as compared to €1,453.0 mn in January – February 2020, recording a decrease of 8.6%. Total exports of goods (to EU Member States and to third countries) in January – February 2021 were €333.2 mn compared to €438.9 mn in January – February 2020, registering a decrease of 24.1%.

According to the final data for January 2021, total imports of goods (from EU Member States and from third countries) amounted to €594.4 mn as compared to €700.3 mn in January 2020, recording a decrease of 15.1%.

Exports of domestically produced products, including stores and provisions, in January 2021 were €85.8 mn as compared to €106.8 mn in January 2020, recording a decrease of 19.7%. Domestic exports of industrial products in January 2021 were €76.8 mn compared to €98.5 mn in January 2020, whilst domestic exports of agricultural products in January 2021 were €7.6 mn compared to €6.1 mn in January 2020.

Exports of foreign products, including stores and provisions, in January 2021 were €69.5 mn as compared to €113.7 mn in January 2020, recording a decrease of 38.9%.