Cyprus trade deficit greatly increases in January on annual basis

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Trade deficit increased greatly this January in Cyprus on an annual basis, data released by the Cyprus Statistical Service on Wednesday show.

In particular, according to CyStat`s “Intra & Extra EU Trade Statistics” published today, total imports of goods from EU Member States and from third countries in January 2020 amounted to €704.1 mn compared to €823.5 mn in January 2019, recording a drop of 14.5%.

Total exports of goods to EU Member States and to third countries in January 2020 were €220.1 mn compared to €534.9 mn in January 2019, registering a decrease of 58.9%.

The trade deficit was €484.0 mn in January 2020 compared to €288.6 mn in the corresponding month of 2019.

Total imports in January 2020 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €109.0 mn compared to €305.2 mn in January 2019.

Total exports in January 2020 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €44.8 mn compared to €409.0 mn in January 2019.

At the same time, exports of domestically produced products, including stores and provisions, in January 2020 were €106.4 mn compared to €74.3 mn in January 2019, whilst exports of foreign products, including stores and provisions, in January 2020 were €113.7 mn compared to €460.6 mn in January 2019.

Domestic exports of industrial products in January 2020 were €98.4 mn compared to €66.1 mn in January 2019.

Domestic exports of agricultural products in January 2020 were €6.2 mn compared to €6.3 mn in January 2019.

Source: CNA