Euro area international trade in goods surplus €23.0 bn, €1.0bn deficit for Cyprus

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trade

The Euro area and the EU27 recorded trade surplusses of €23.0 bn and €22.4 bn respectively, for February 2020, according to data released by Eurostat the statistical service of the EU.

More specifically, the first estimate for euro area (EA19) exports of goods to the rest of the world in February 2020 was €189.3 billion, an increase of 1.6% compared with February 2019 (€186.3 bn).

Imports from the rest of the world stood at €166.3 bn, a fall of 1.0% compared with February 2019 (€167.9 bn). As a result, the euro area recorded a €23.0 bn surplus in trade in goods with the rest of the world in February 2020, compared with +€18.5 bn in February 2019. Intra-euro area trade fell to €161.5 bn in February 2020, down by 0.6% compared with February 2019.

In January to February 2020, euro area exports of goods to the rest of the world rose to €373.2 bn (an increase of 0.9% compared with January-February 2019), and imports fell to €348.4 bn (a decrease of 0.7% compared with January-February 2019). As a result the euro area recorded a surplus of €24.8 bn, compared with +€19.1 bn in January-February 2019. Intra-euro area trade fell to €326.4 bn in January-February 2020, down by 0.9% compared with January-February 2019.

In Cyprus exports of goods reached €0.4 bn for the same two month period, recording a -40% decrease compared to the same period of last year ( €0.1 bn with the EU or -70% decrease and €0.3 bn with the rest of the world or 26% increase). Meanwhile, imports amounted to €1.5 bn, a 6% increase (€0.8 bn with the EU, or 16% increase and €0.6 with the rest of the world or -5% decrease). As a result Cyprus recorded a trade deficit of  -€1.0 bn, compared  to -€0.7 bn last year.

The first estimate for extra-EU exports of goods in February 2020 was €170.7 billion, up by 1.0% compared with February 2019 (€169.0 bn). Imports from the rest of the world stood at €148.3 bn, down by 2.8% compared with February 2019 (€152.5 bn). As a result, the EU recorded a €22.4 bn surplus in trade in goods with the rest of the world in February 2020, compared with +€16.4 bn in February 2019. Intra-EU trade rose to €253.3 bn in February 2020, +1.0% compared with February 2019.

In January to February 2020, extra-EU exports of goods rose to €337.0 bn (an increase of 0.7% compared with January-February 2019), and imports fell to €316.8 bn (a decrease of 1.6% compared with January-February 2019). As a result, the EU recorded a surplus of €20.2 bn, compared with +€13.0 bn in January-February 2019. Intra-EU trade rose to €510.2 bn in January-February 2020, +0.4% compared with January-February 2019.

Source: CNA