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Cyprus increased the volume of international trade

Cyprus increased the volume of international trade

August 10 2018
Tags: Cyprus, Statistics, Economy, Trade

For the first six months of this year, Cyprus's trade deficit decreased by 334,7 million euros or by 15% in annual terms, to less than 2 billion euros. This is due to a strong growth in exports, which compensates for a parallel increase in imports. Such data are provided by CyStat Statistical Service of Cyprus.

Thus, for the first half of the year 2018, the total volume of exports increased by 933,4 million euros, to 2,4 billion. This is 62% more than in the same period of the 2017. Import grew by 598,7 million euros or by 16%, to 4,4 billion euros. In total, from January to June, goods and services were exported (excluding vehicles, such as air and sea vessels) amounting to 1,4 billion euros, which is 323 million euro more than in the corresponding period of the previous year. Import grew by 390,4 million euros, to 3,4 billion.

Exports to EU countries in the first half of the year increased by 66,3 million euros, to 602,5 million, and to third countries - by 867,1 million euros, to 1,8 billion. Imports from the EU increased by 178,7 million euros, to 2,6 billion, and from third countries - to 420 million euros, to 1,8 billion euros.

In June 2018, exports of goods and services from Cyprus declined, while imports, on the contrary, increased compared to last year.

According to the preliminary assessment of CyStat, the total import volume in June reached 615,4 million euro against 554,4 million a year earlier. From other EU countries, goods and services were imported to the amount of 399,8 million euros (375,8 million in 2017-m), and from third countries - to 215,6 million euros (178,6 million in 2017-m).

The total volume of exports in the first month of summer decreased to 358,7 million euros compared to 413,7 million in June 2017. Of these, EU goods and services were imported to the amount of 138,5 million euros (95 million a year earlier), and from third countries - to the amount of 220,2 million euros (318,6 million in June 2017).

June import figures include the transfer of ownership of vehicles (vessels) for a total amount of 31,8 million euros vs. 41,2 million euros in June 2017. Exports under this heading fell to 113,8 million euros compared to 249,2 million euros a year earlier.

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