Trade deficit reach €1.9 bn

The first estimate for euro area (EA19) exports of goods to the rest of the world in May 2019 was €203.4 billion, an increase of 7.1% compared with May 2018 (€189.9 bn), according to Eurostat, the statistical service of the EU.

Imports from the rest of the world stood at €180.3 bn, a rise of 4.2% compared with May 2018 (€173.0 bn). As a result, the euro area recorded a €23.0 bn surplus in trade in goods with the rest of the world in May 2019, compared with +€16.9 bn in May 2018. Intra-euro area trade rose to €172.0 bn in May 2019, up by 4.9% compared with May 2018.

The total value of Cyprus` exports for the reference period was €1.4 billion a -31% drop compared to the same period of 2019 (€0.8 billion to the EU, or 75% increase and €0.6 billion to the rest of the world or -63% decrease). Meanwhile the value of Cyprus` imports  was €3.3 billion, a -13% decrease compared to last year (€2.2 billion from the EU or -3% decrases and €1.1 billion from the rest of the world or -27% decrease). As a result Cyprus registered a -€1.9 billion trade deficit (compared to  -€1.8 last year),  -€1.3 billion with the EU (compared to  -€1.8 billion last year) and -€0.6 billion with the rest of the world (compared to 0.0).

Meanwhile, January to May 2019, euro area exports of goods to the rest of the world rose to €973.5 bn (an increase of 5.0% compared with January-May 2018), and imports rose to €890.8 bn (an increase of 5.2% compared with JanuaryMay 2018). As a result the euro area recorded a surplus of €82.7 bn, compared with +€80.5 bn in January-May 2018. Intra-euro area trade rose to €838.7 bn in January-May 2019, up by 3.3% compared with January-May 2018.

The first estimate for extra-EU28 exports of goods in May 2019 was €178.5 billion, up by 10.7% compared with May 2018 (€161.3 bn). Imports from the rest of the world stood at €170.7 bn, up by 6.1% compared with May 2018 (€160.9 bn). As a result, the EU28 recorded a €7.8 bn surplus in trade in goods with the rest of the world in May 2019, compared with +€0.4 bn in May 2018. Intra-EU28 trade rose to €308.1 bn in May 2019, +3.5% compared with May 2018.

In January to May 2019, extra-EU28 exports of goods rose to €833.9 bn (an increase of 6.1% compared with January-May 2018), and imports rose to €848.1 bn (an increase of 6.6% compared with January-May 2018). As a result, the EU28 recorded a deficit of €14.2 bn, compared with -€9.9 bn in January-May 2018. Intra-EU28 trade rose to €1 521.9 bn in January-May 2019, +3.9% compared with January-May 2018.