ECONOMY: Cyprus trade deficit narrows by EUR 500 mln

Due to an improved export drive Cyprus saw its trade deficit shrink by €500 mln to €3.4 bln from a year ago, EU data indicates.

The value of Cyprus exports stood at €4 bln in the 10-month period to October, representing an increase of 56% compared to the same period of 2017.

Broken down, the value of Cyprus exports to the EU was €1 bln (10% increase) and outside the bloc it reached €3 bln (84% increase).

Meanwhile, Cyprus imports amounted to €7 bln, a 14% increase from the same period in 2017 (€4 bln from the EU, (9% increase) and €3 bln form the rest of the world (21% increase).

Euro area (EA19) exports of goods to the rest of the world in October was €209.7 bln, an increase of 11.4% compared with October 2017 (€188.3 bln).

Imports from the rest of the world stood at €195.8 bln, a rise of 14.8% compared with 2017 (€170.5 bln).

As a result, the euro area recorded a €14 bln surplus in trade in goods with the rest of the world, compared with +€17.8 bln in October 2017. Intra-euro area trade rose to €175.6 bln, up by 8.7%.

In January to October 2018, euro area exports of goods to the rest of the world rose to €1,896.0 bln (an increase of 4.4% compared with January-October 2017), while imports rose to €1,740.0 bln (an increase of 6.9%).

As a result, the euro area recorded a surplus of €156 bln, compared with +€187 bln in January-October 2017. Intra-euro area trade rose to €1,625.3 bln in January-October 2018, up by 6% on 2017.

The first estimate for extra-EU28 exports of goods in October was €180.7 bln, up by 13.4% compared with October 2017 (€159.4 bln).

Imports from the rest of the world stood at €188.4 bln, up by 16.8% from October 2017 (€161.3 bln).

As a result, the EU28 recorded a €7.7 bln deficit in trade in goods with the rest of the world in October, compared with -€1.8 bln in October 2017.

Intra-EU28 trade rose to €319.9 bln, up 7.9% compared with October 2017.