Cyprus trade deficit widened in 2019 on exports dip

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The Cyprus trade deficit widened to €5.09 bln in 2019, from €4.89 bln in the year before, due to a significant drop of €1.2 bln in exports, according to official statistics.

However, exports picked up marginally in the last month of the year, with re-exports more than doubled.

The data suggest that there was a drop in both sales and purchases of mobile transport equipment for ships throughout the year.

Cystat said that total imports (covering total imports from third countries and from EU member states) in January-December 2019 dropped to €8.23 bln as compared to €9.20 bln in 2018.

Total exports (covering total exports to third countries and to EU member states) were lower at €3.14 bln compared to €4.30 bln in January-December 2018.

The trade deficit thus widened to €5,08 bln in 2019 from €4.89 bln in the same period of 2018.

According to Cystat, total imports in 2019 included the transfer of economic ownership of mobile transport equipment (vessels), with a total value of €1.09 bln from €1.87 bln in January-December 2018.

Total exports in 2019 included the transfer of economic ownership of mobile transport equipment (vessels), with a total value of €995.2 mln as compared to €1.45 bln in 2018.

In December alone, total imports (covering imports from third countries and from EU member states) fell to €691.6 mln, compared to €858.4 mln in December 2018.

Total exports (covering total exports to third countries and to EU member states), including stores and provisions, rose to €253.7 mln as compared to €167,5 mln in December 2018.

Exports of domestically produced goods, including stores and provisions in December 2019 were marginally up at €93.1 mln as compared to €92.2mln in 2018, while exports of foreign goods, including stores and provisions, more than doubled to €160.6 mln from €75.3 mln in December 2018.

Total domestic exports of industrial products in December were flat at €83.8 mln compared to €84.6 mln in December 2018, and total domestic exports of agricultural products rose to €6.9 mln from €5.1 mln.