Cyprus registers highest increase in exports in August according to Eurostat

Cyprus registered the largest increase in exports in August 2023, compared to August 2022, among member states of the EU (+55.2%), as well as the second largest increase in extra-EU imports, according to data that was released by Eurostat.

In general, Eurostat data shows a surplus in international trade at 6.7 billion euro for the eurozone, and a 1.4 billion euro surplus for the EU.

The first estimate for euro area exports of goods to the rest of the world in August 2023 was 221.6 billion euro, a decrease of 3.9% compared with August 2022 (230.6 billion euro). Imports from the rest of the world stood at 214.9 billion euro, a fall of 24.6% compared with August 2022 (285.0 billion euro).

As a result, the euro area recorded a 6.7 billion euro surplus in trade in goods with the rest of the world in August 2023, compared with a deficit of 54.4 billion euro in August 2022. Intra - eurozone trade fell to 189.3 billion euro in August 2023, down by 13.2% compared with August 2022.

In January to August 2023, euro area exports of goods to the rest of the world rose to 1,883.9 billion euro (an increase of 1.5% compared with January - August 2022), and imports fell to 1,875.8 billion euro (a decrease of 10.6% compared with January - August 2022).

As a result, the euro area recorded a surplus of 8.1 billion euro, compared with a 242.9 billion euro deficit in January-August 2022. Intra - eurozone trade fell to 1,772.3 billion euro in January-August 2023, down by 1.8% compared with January - August 2022.

The first estimate for extra-EU exports of goods in August 2023 was 198.5 billion euro, down by 4.1% compared with August 2022 (206.9 billion euro). Imports from the rest of the world stood at 197.1 billion euro, down by 27.8% compared with August 2022 (272.9 billion euro).

As a result, the EU recorded a 1.4 billion euro surplus in trade in goods with the rest of the world in August 2023, compared with a deficit of 66.0 billion euro in August 2022. Intra-EU trade fell to 302.1 billion euro in August 2023, -10.0% compared with August 2022.

In January to August 2023, extra-EU exports of goods rose to 1,690.7 billion euro (an increase of 2.0% compared with January - August 2022), and imports fell to 1,700.6 billion euro (a decrease of 13.6% compared with January-August 2022).

As a result, the EU recorded a deficit of €9.8 bn, compared with a deficit of 311.4 billion euro in January-August 2022. Intra-EU trade fell to 2,749.4 billion euro in January - August 2023, down by 0.3% compared with January - August 2022.

Annual comparison by Member State

In August 2023, compared with August 2022, all the Member States registered decreases in exports except five.

The highest decreases were registered in Greece (-24.5%), Estonia (-23.1%), Bulgaria (-22.7%), Latvia (-22.3%), Lithuania (-21.8%) and Belgium (-21.3%).

The highest increase was registered in Cyprus (+55.2%).

With regard to the extra-EU imports, the picture is similar. In August 2023 compared to August 2022, the majority of Member States registered decreases, while three Member States registered increases in imports.

The highest decreases were observed in Belgium (-28.0%), Lithuania (-27.9%), Finland (-25.7%), Croatia (-24.6%), Latvia (-22.8%), Ireland (-21.6%) and Italy (-20.9%).

The highest increases were observed in Malta (16.5%) and Cyprus (+12.4%).

(Source: CNA)