TRADE: Cyprus exports register 92 pct hike to narrow deficit

Cyprus exports of goods reached €2.0 bln in the first five months increasing 92% increase on the same period January-May of 2017, according to Eurostat.

Goods valued at €0.5 bln went to the EU, an increase of 4%, while €1.6 bln went to the rest of the world – a spike of 154% increase.

Meanwhile imports rose 18% to €3.7 bln in first five months from a year ago.

The breakdown was €2.2 bln from the EU, up 8%, and €1.6 billion from elsewhere, an increase of 35%.

As a result, Cyprus’ trade deficit narrowed 19% to €1.7 bln trade deficit from €2.1 bln in 2017.

The first estimate for euro area (EA19) exports of goods to the rest of the world in May was €189.6 bln, a decrease of 0.8% compared with May 2017 (€191.2 bln).

Imports from the rest of the world stood at €173.1 bn, a rise of 0.7% from May 2017 (€171.9 bln).

 As a result, the euro area recorded a €16.5 bln surplus in trade in goods with the rest of the world in May, compared with €19.3 bln in May 2017.

 Intra-euro area trade rose to €162.3 bn up by 0.5% compared with May 2017.

The first estimate for extra-EU28 exports of goods in May was €160.9 bln, down by 2.7% on 2017 (€165.4 bln).

Imports from the rest of the world stood at €160.7 bln, down by 1.4% compared with May 2017 (€163.0 bln).

As a result, the EU28 recorded a €0.2 bln surplus in trade in goods with the rest of the world in May, compared with €2.3 bln in 2017. Intra-EU28 trade rose to €294.7 bln, +1.6% from last year.

In January to May 2018, extra-EU28 exports of goods rose to €786.6 bln (up 1.5%), while imports rose 1.6% to €795.7 bln.

Therefore, the EU28 recorded a deficit of €9.1 bln, compared with -€8.1 bn in January-May 2017. Intra-EU28 trade rose to €1 457.3 bln in January-May 2018, up 4.6%.