Trade deficit drops by about €300 million in 2020

Cyprus trade deficit recorded a drop of about €300 million in 2020 compared to 2019 due to a large decrease in imports, data released by the Cyprus Statistical Service, on Tuesday, show.

In particular, according to the monthly electronic publication “Intra & Extra EU Trade Statistics (by commodity and country)” for January – December 2020 total imports of goods (from EU Member States and from third countries) in January – December 2020 amounted to €7,503.8 mn compared to €8,200.1 mn in January – December 2019, recording a decrease of 8.5%.

At the same time, total exports of goods (to EU Member States and to third countries) in January – December 2020 were €2,741.0 mn compared to €3,137.0 mn in the same period of 2019, registering a decrease of 12,6%.

The trade deficit was €4,762.8 mn in January – December 2020 compared to €5,063.1 mn in the corresponding period of 2019, CyStat says.

The European Union was the main source of supply of goods to Cyprus with a share of €4,373.4 mn of total imports, while imports from all other European countries totalled €854.2 mn in January - December 2020. Imports from the rest of the world amounted to €2,276.2 mn.

Exports to the European Union accounted for €915.4 mn, while exports to all other European countries for €288.1 mn in January - December 2020.

Exports to the rest of the world amounted to €1,537.5 mn.