Trade deficit drops significantly in January – August 2020

Trade deficit at the first eight months of the year showed a large decrease of €426.9 million, mainly due to the significant reduction of more than €450 million in imports, according to data released on Monday by the Statistical Service of Cyprus.

The trade deficit was €2,821.4 mn in January – August 2020 compared to €3,248.3 mn in the corresponding period of 2019.
 
Total imports of goods (from EU Member States and from third countries) in January – August 2020 amounted to €4,774.3 mn as compared to €5,438.4 mn in January – August 2019, recording a decrease of 12.2%. Total exports of goods (to EU Member States and to third countries) in January – August 2020 were €1,952.9 mn compared to €2,190.2 mn in January – August 2019, registering a decrease of 10.8%.
 
In August, total imports of goods were €489.4 mn as compared to €611.2 mn in August 2019, recording a decrease of 19.9%. Imports from other EU Member States in August 2020 were €333.9 mn and from third countries €155.5 mn, compared to €357.1 mn and €254.1 mn respectively in August 2019. Imports in August 2020 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €30.3 mn as compared to €82.5 mn in August 2019.

Total exports of goods in August 2020 were €197.1 mn as compared to €230.6 mn in August 2019, recording a decrease of 14.5%. Exports to other EU Member States in August 2020 were €55.8 mn and to third countries €141.3 mn, compared to €50.8 mn and €179.8 mn respectively in August 2019. Exports in August 2020 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €43.2 mn as compared to €86.3 mn in August 2019.

In July 2020 total imports of goods (from EU Member States and from third countries) amounted to €625.9 mn in July 2020 as compared to €726.6 mn in July 2019, recording a decrease of 13.9%.

Exports of domestically produced products, including stores and provisions, in July 2020 were €128.6 mn as compared to €133.2 mn in July 2019, recording a decrease of 3.5%. Domestic exports of industrial products in July 2020 were €122,1 mn compared to €125,7 mn in July 2019, whilst domestic exports of agricultural products in July 2020 were €5.4 mn compared to €5.9 mn in July 2019.

Exports of foreign products, including stores and provisions, in July 2020 were €83.8 mn as compared to €114.8 mn in July 2019, recording a decrease of 27.0%.