Cyprus’ trade balance records deficit

Cyprus’ trade balance recorded a deficit of 2,3 billion euro during the first semester of 2009.

According to data from the Statistical Office of the European Communities (Eurostat), Cyprus’ trade balance during the first semester of 2009, decreased by 700 million euro, compared to the corresponding period last year.

Cyprus’ total value of exports reached 400 million euro, recording a decrease of 20% compared to last year. Imports also showed a decline by 22%, reaching 2,7 billion euro.

EU27 trade flows with all of its major partners fell. The largest decreases were recorded for exports to Russia (-39% in January-June 2009 compared with January-June 2008), Turkey (-32%), South Korea (-27%) and Brazil (-23%), and for imports from Russia (-42%), Japan (-29%), Brazil, Norway and Turkey (each -28%).

The EU27 trade surplus fell with the USA (+15.9 bn euro in January-June 2009 compared with +32.7 bn in January-June 2008) and Switzerland (+6.4 bn compared with +9.6 bn). The EU27 trade deficit decreased with China (-65.3 bn compared with -72.6 bn), Russia (-20.6 bn compared with -38.1 bn), Norway (-16.8 bn compared with -26.0 bn) and Japan (-10.8 bn compared with -17.9 bn).

Concerning the total trade of Member States, the largest surplus was observed in Germany (+59.4 bn euro in January-June 2009), followed by Ireland (+19.4 bn) and the Netherlands (+17.5 bn). The United Kingdom (-46.4 bn) registered the largest deficit, followed by France (-28.8 bn), Spain (-23.9 bn), Greece (-14.5 bn) and Portugal (-8.4 bn).