Trade deficit shows big annual increase in June, according to preliminary figures 

Cyprus’ trade deficit rose sharply to €503,5 mn in June 2019 from €47,7 mn in the same month of 2018, as imports increased and exports decreased, according to preliminary figures of the Statistical Service of Cyprus.

Cystat reported that “on the basis of preliminary estimates for the foreign trade of Cyprus in June 2019, total imports were €731,3 mn as compared to €643,3 mn in June 2018”.

It said that imports from other EU member states in June 2019 increased to €479,6 mn compared with €426,0 mn in the same month of 2018 and imports from third countries in June 2019 rose to €251,8 mn compared with €217,3 mn in June 2018.

“Total exports in June 2019 were €227,8 mn as compared to €595,6 mn in June 2018”, the Statistical Service said.

Exports to other EU member states in the sixth month of 2019 fell to €85,7 mn from €144,2 mn in June 2018, whereas exports to third countries in June 2019 dropped significantly to €142,1 mn compared with €451,4 mn in the same month last year.

Total imports in June 2019 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €117,4 mn compared with €48,7 mn in June 2018. Total exports in June 2019 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €33,6 mn compared with €345,0 mn in June 2018.

CNA