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Trade deficit increase due to export dip amid Covid-19 unrest

21/05/2020 15:47

Cyprus’s trade deficits jumped by an annual 60% in January – February 2020 as exports plunged by 39% due to restrictive measures to curb the coronavirus pandemic.

According to the Cyprus Statistical Service (Cystat), total imports (from EU Member States and from third countries) in January – February 2020 amounted to €1,471 million compared to €1,387 million in the respective period of 2019, marking an increase of 6.1%.

 
Total exports of goods (to EU Member States and to third countries) in January – February 2020 declined to €438 million compared to €723 million in January – February 2019, registering a steep reduction of 39,4%.
 
The trade deficit amounted to €1.033 million in January – February 2020 compared to €665 million in the corresponding period of 2019.
 
The EU was Cyprus’ main trading partner with imports to Cyprus amounting to €810 milion or a share of 55% of total imports, while imports from all other European countries (which now also includes the United Kingdom, following its exit from the EU) totaled €140 million in January - February 2020. Imports from the rest of the world amounted to €521 million, Cystat said.
 
Exports to the European Union accounted for €128 million, while exports to all other European countries for €38 million in January - February 2020. Exports to the rest of the world amounted to €272 million.