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The trade deficit decreased by € 314 million

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The trade deficit decreased by € 314 million

The deficit in the trade balance of Cyprus decreased by approximately € 314 million in the period January – November 2020 compared to the corresponding period last year, due to the decrease in imports by approximately € 651 million, according to preliminary data from the Statistical Service.

Specifically, the trade deficit decreased in the 11 months of 2020 to € 4,312,097 compared to € 4,626,053 in the corresponding 11 months last year. Total imports decreased in the period January – November 2020 to € 6,859,065, compared to € 7,510,288 in the corresponding 11 months last year, while total exports decreased to € 2,546,968, compared to € 2,884,235 in January – November 2019.

Moreover, based on preliminary data from the Statistical Service, total imports of goods in November 2020 were € 619.5 million, compared to € 660.7 million in November 2019, recording a decrease of 6.2%.

Imports from other EU Member States in November 2020 were € 387.6 million and from third countries € 231.9 million compared to € 398.0 million and € 262.6 million respectively in November 2019. Imports in November 2020 include the transfer of financial ownership of mobile transport equipment (ships), with a total value of € 58.3 million compared to € 76.4 million in November 2019.

In addition, according to the Statistical Service, total exports of goods in November 2020 were € 146.1 million compared to € 232.7 million in November 2019, a decrease of 37.2%. Exports to other EU Member States in November 2020 were € 47.6 million and to third countries € 98.5 million, compared to € 55.9 million and € 176.7 million respectively in November 2019. Exports in November 2020 include the transfer of financial ownership of mobile transport equipment (ships), with a total value of € 9.5 million compared to € 78.1 million in November 2019.

On the other hand, total imports of goods (from EU Member States and third countries) for the period January – November 2020 were € 6,859.1 million compared to € 7,510.3 million for the period January – November 2019, recording a decrease of 8.7%.

Total exports of goods (to EU Member States and third countries) for the period January – November 2020 were € 2,547.0 million compared to € 2,884.2 million for the period January – November 2019, recording a decrease of 11, 7%.

Final data for October 2020

According to the final data of the Statistical Service on Foreign Trade of Cyprus for October 2020, the total imports of goods (from EU Member States and from third countries) were € 824.2 million in October 2020 compared to € 692.9 million. in October 2019, recording an increase of 18.9%.

Exports of domestically produced products, including ship and aircraft supplies, for October 2020 were € 93.7 million compared to € 112.7 million in October 2019, recording a decrease of 16.9%.

According to the Statistical Service, the value of exports of industrial products for October 2020 amounted to € 88.1 million compared to € 106.2 million in October 2019, while the value of exports of agricultural products for October 2020 decreased to € 3.8 million compared to € 4.4 million in October 2019.

Finally, exports of foreign products, including ship and aircraft supplies, for October 2020 were € 178.3 million compared to € 131.0 million in October 2019, recording an increase of 36.1%.

Philenews / ΚΥΠΕ

Source: www.philenews.com

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