Cyprus tops exports rise chart in EU
Cyprus has} stolen the spotlight as the European Union’s top performer in export growth, with a remarkable 55.2% surge in August compared with the same month last year, according to data released by Eurostat, the EU’s statistical service.
Overall, Eurostat data reflects a trade surplus for the eurozone at 6.7 billion euros and a €1.4 billion surplus for the entire EU. The eurozone reported a decrease of 3.9% in exports to the rest of the world in August 2023, reaching €221.6 billion, while imports fell by 24.6% to €214.9 billion. This resulted in a €6.7 billion surplus in trade with the rest of the world in August, in stark contrast to the €54.4 billion in August 2022.
In extra-EU trade, exports of Cypriot goods decreased by 4.1% in August 2023 compared to August 2022, amounting to €198.5 billion.
For the period of January to August 2023, euro area exports increased by 1.5% compared to the same period in 2022, reaching €1,883.9 billion, while imports decreased by 10.6% to €1,875.8 billion. This translates into an €8.1 billion surplus, in sharp contrast to the €242.9 billion deficit recorded during the same period last year.
