Trade deficit drops by €314 million

Cyprus' trade deficit recorded a drop of  €314 million in the first eleven months of 2020 provisional data for November released by the Cyprus Statistical Service (CyStat) show.

In particular, according to CyStat on the basis of provisional data, total imports of goods in November 2020 were €619.5 mn as compared to €660.7 mn in November 2019, recording a decrease of 6.2%.

Imports from other EU Member States in November 2020 were €387,6 mn and from third countries €231.9 mn, compared to €398.0 mn and €262.6 mn respectively in November 2019. Imports in November 2020 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €58.3 mn as compared to €76.4 mn in November 2019.

Total exports of goods in November 2020 were €146.1 mn as compared to €232.7 mn in November 2019, recording a decrease of 37.2%.

Exports to other EU Member States in November 2020 were €47.6 mn and to third countries €98.5 mn, compared to €55.9 mn and €1767. mn respectively in November 2019. Exports in November 2020 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €9.5 mn as compared to €78.1 mn in November 2019.

According to CyStat, total imports of goods (from EU Member States and from third countries) in January – November 2020 amounted to €6,859.1 mn as compared to €7,510.3 mn in January – November 2019, recording a decrease of 8.7%. Total exports of goods (to EU Member States and to third countries) in January – November 2020 were €2,547.0 mn compared to €2,884.2 mn in January – November 2019, registering a decrease of 11.7%.

The trade deficit was €4,312.1 mn in January – November 2020 compared to €4,626.1 mn in the corresponding period of 2019.

According to final data on October 2020, total imports of goods (from EU Member States and from third countries) amounted to €824.2 mn in October 2020 as compared to €692.9 mn in October 2019, recording an increase of 18.9%.

At the same time, exports of domestically produced products, including stores and provisions, in October 2020 were €93.7 mn as compared to €112.7 mn in October 2019, recording a decrease of 16.9%. Domestic exports of industrial products in October 2020 were €88.1 mn compared to €106.2 mn in October 2019, whilst domestic exports of agricultural products in October 2020 were €3.8 mn compared to €4,4 mn in October 2019.

Exports of foreign products, including stores and provisions, in October 2020 were €178.3 mn as compared to €131.0 mn in October 2019, recording an increase of 36.1%.