Trade deficit shrinks to € 3.4 billion

The value of Cyprus` total exports stood at €4 billion in the period January to October 2018, representing an increase of 56% compared to the same period of 2017, according to Eurostat, the statistical office of the EU. More specifically the value of Cyprus` exports to the EU was €1 billion (10% increase) and outside the EU €3 billion (84% increase). Meanwhile Cyprus` total imports amounted to €7billion, a 14% increase compared to the same period of last year (€4 billion from the EU, or 9% increase and €3 billion form the rest of the world or 21% increase). As a result, Cyprus registered a € - 3.4 billion trade deficit, decreased compared to the same period of 2017 when it was -3.9 ( -3.3 with the EU and -0.1 with the rest of the world).

Meanwhile, the first estimate for euro area (EA19) exports of goods to the rest of the world in October 2018 was €209.7 billion, an increase of 11.4% compared with October 2017 (€188.3 bn). Imports from the rest of the world stood at €195.8 bn, a rise of 14.8% compared with October 2017 (€170.5 bn). As a result, the euro area recorded a €14.0 bn surplus in trade in goods with the rest of the world in October 2018, compared with +€17.8 bn in October 2017. Intra-euro area trade rose to €175.6 bn in October 2018, up by 8.7% compared with October 2017.

In January to October 2018, euro area exports of goods to the rest of the world rose to €1 896.0 bn (an increase of 4.4% compared with January-October 2017), while imports rose to €1 740.0 bn (an increase of 6.9% compared with January-October 2017). As a result the euro area recorded a surplus of €156.0 bn, compared with +€187.0 bn in January-October 2017. Intra-euro area trade rose to €1 625.3 bn in January-October 2018, up by 6.0% compared with January-October 2017.

The first estimate for extra-EU28 exports of goods in October 2018 was €180.7 billion, up by 13.4% compared with October 2017 (€159.4 bn). Imports from the rest of the world stood at €188.4 bn, up by 16.8% compared with October 2017 (€161.3 bn). As a result, the EU28 recorded a €7.7 bn deficit in trade in goods with the rest of the world in October 2018, compared with -€1.8 bn in October 2017. Intra-EU28 trade rose to €319.9 bn in October 2018, +7.9% compared with October 2017.

In January to October 2018, extra-EU28 exports of goods rose to €1 627.9 bn (an increase of 5.0% compared with January-October 2017), while imports rose to €1 650.3 bn (an increase of 6.7% compared with January-October 2017). As a result, the EU28 recorded a deficit of €22.4 bn, compared with a surplus of €4.1 bn in January-October 2017. Intra-EU28 trade rose to €2 939.2 bn in January-October 2018, +5.4% compared with January-October 2017.