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Tuesday, January 31, 2023

Reduction of the trade deficit for 2020

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Reduction of the trade deficit for 2020

The trade deficit decreased to € 4,799.3 million in 2020 compared to € 5,063.1 million in 2019, based on preliminary data released on Tuesday by the Statistical Service of Cyprus. The decrease in the deficit is due to the larger decrease in exports compared to the significant decrease in parallel imports during the period January – December 2020.

Specifically, total imports of goods (from EU Member States and third countries) for the period January – December 2020 were € 7,539.9 million compared to € 8,200.1 million for the period January – December 2019, recording a decrease 8.1%. Total exports of goods (to EU Member States and third countries) for the period January – December 2020 were € 2,740.6 million compared to € 3,137.0 million for the period January – December 2019, a decrease of 12, 6%.

Total imports of goods were € 664.9 million compared to € 689.8 million in December 2019, recording a decrease of 3.6%. Imports from other EU Member States in December 2020 were € 390.9 million and from third countries € 274.0 million compared to € 374.7 million and € 315.1 million respectively in December 2019. Imports in December 2020 include the transfer of financial ownership of mobile transport equipment (ships), with a total value of € 94.3 million compared to € 134.5 million in December 2019.

Total exports of goods in December 2020 were € 191.8 million compared to € 252.7 million in December 2019, recording a decrease of 24.1%. Exports to other EU Member States in December 2020 were € 58.5 million and to third countries € 133.3 million, compared to € 96.7 million and € 156.0 million respectively in December 2019. Exports in December 2020 include the transfer of financial ownership of mobile transport equipment (ships), with a total value of € 44.7 million compared to € 101.5 million in December 2019.

November final data

Moreover, according to the final data for November 2020, total imports of goods (from EU Member States and third countries) were € 636.7 million in November 2020 compared to € 660.7 million in November 2019, recording a decrease of 3.6%.

Exports of domestically produced products, including ship and aircraft supplies, for November 2020 were € 98.3 million compared to € 96.4 million in November 2019, recording an increase of 2.0%. The value of exports of industrial products for November 2020 amounted to € 92.6 million compared to € 88.4 million in November 2019, while the value of exports of agricultural products for November 2020 decreased to € 4.2 million. against € 6.4 million in November 2019.

Exports of foreign products, including ship and aircraft supplies, for November 2020 were € 48.2 million compared to € 136.3 million in November 2019, down 64.6%.

Philenews / ΚΥΠΕ

Source: www.philenews.com

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