Menu
Economy

Trade gap widens following decline in exports in Q1

June 10, 2019 at 4:56pm

The trade deficit of Cyprus widened significantly in the first three months of the year, rising by €360.7 mn, compared with the same period of 2018, as exports declined.

The Statistical Service of Cyprus said on Monday that the trade deficit was €1,045.8 mn in January-March 2019 compared with €685.1 mn in the corresponding period of 2018.

Total imports in January-March 2019 valued at €1.976,3 mn compared with €1,963.9 mn in January-March 2018, while total exports declined to €930.5 mn compared with €1.278,8 mn last year.

Surplus turns to deficit in March
—————————————–
Cystat figures showed that last year’s trade surplus of €153 mn in March turned to a deficit of €386.1 mn in the same month of 2019.

In March 2019 total imports valued at €598.8 mn compared with €729.9 mn in March 2018, while total exports, including stores and provisions, dropped significantly to €212.7 mn from €882.9 mn in March 2018.

Exports of domestically produced goods, including stores and provisions in March 2019 fell to €90.9 mn from €109.0 mn in March 2018 whilst exports of foreign goods, including stores and provisions, in March 2019 declined sharply to €121.8 mn compared with €773.9 mn in March 2018. Total domestic exports of industrial products in March 2019 declined to €77.8 mn compared with €93.3 mn in March 2018 and total domestic exports of agricultural products declined to €10.2 mn from €13.2 mn.

Trade deficit falls in April, according to preliminary estimates
——————————————————————————–
In the fourth month of the year, the trade deficit is projected at €394.5 mn from €679.7 mn of April 2018.

Cystat preliminary estimates showed that in April 2019, total imports fell sharply to €634.8 mn from €1014.9 mn in April 2018. Imports from other EU member states in April 2019 were €460.3 mn compared with €517.0 mn in April 2018, while imports from third countries in April 2019 dropped to €174.5 mn compared with €497.9 mn in April 2018.

Total exports in April 2019 declined to €240.3 mn from €335.2 mn in April 2018. Exports to other EU member states fell to €94.3 mn from €119.2 mn in April 2018, whereas exports to third countries in April 2019 also dropped to €146.1 mn from €216.0 mn in April 2018.

(Cyprus News Agency)