Cyprus - Balance of Goods

For Cyprus, volume of trade (in euros), consisting of imports and exports (valued CIF and FOB, respectively), summarized by intra- and extra-EU partners. Monthly from 1995. The largest transactions relate to aircraft and sea vessels.

Active:

• Measurement: Thousands of euros (Ths. EUR)
• Adjustment: Not seasonally adjusted (NSA)
• Native frequency: Monthly
• Start date: Uniformly 2005m1

Predecessors:

• In CYP by month - 2001 to 2007
• In CYP by year - 1960 to 2007

Definitions

Intra-EU trade

Trade with the EU member states.

Extra-EU trade

Trade with third countries outside the EU. As of January 2021, the U.K. is counted as extra-EU.

Arrivals

Goods within the EU which enter the statistical territory of Cyprus. Include:

• Goods in free circulation that enter the statistical territory of Cyprus.
• Goods placed under the control of Customs for inward processing or processing in another member state, and which enter the statistical territory of Cyprus.
• Certains goods movements included based on specific conditions, i.e., aircraft and ships.

Dispatches

Goods which leave the statistical territory of Cyprus with destination another EU member state.Include:

• Goods in free circulation that exit the statistical territory of Cyprus bound for another member state.
• Goods placed under the control of Customs for inward processing which are destined for another member state.
• Certains goods movements included based on specific conditions, i.e., aircraft and ships.

Trade statistics from EU member states and non-EU countries are compiled separately, because trade within the EU no longer requires most customs formalities.

• Intra-EU
  • Intrastat (introduced May 24) in which statistical information providers submit detailed monthly returns on arrivals and dispatches to the nationally responsible authority. This covers about 98% of trade between Cyprus and the EU. Intrastat has a minimum reporting threshold.
  • The VAT return, on which all traders are required to record the total value of goods traded with other EU member states. VAT returns are used to maintain the Intrastat register and to determine when a trader attains the threshold to submit the detailed Intrastat return.
• Extra-EU
  • "Theseas" for non-EU imports.
  • Single Administrative Document (SAD) for non-EU Exports.

Excluded from the statistics - Goods in transit, i.e., goods that are passing across a member state by any means of transport but are stored only for transport reasons.

Reference period - For intra-EU trade, the calendar month of arrival/dispatch of the goods. For extra-EU trade, the calendar month in which the Customs Authorities accept and release the declaration.

Product classification - The Harmonised Commodity Description and Coding System (HS2, HS4, HS6) and at the most detailed level of the Combined Nomenclature (CN8).

Statistical value - Calculated at national frontiers. For exports/dispatches, f.o.b. (free on board), based on the customs value. For imports/arrivals, c.i.f. (cost, insurance, freight), based on the taxable value.

Because of rounding there may be slight discrepancies between the totals shown and the some of constituent items.

Yes: a few months, or to the start of the previous calendar year, or to the start of the dataset in 2005. Provisional and detailed data are published 40 and 70 days after the reference month, respectively.

In the August 2017 report, the value for June 2017 was revised upward by 143.5 million EUR due to "new information and improved data from administrative data sources."

By period

The source offers footnotes for select periods. They all pertain to "transfer of economic ownership of mobile transport equipment" for the "total exports/dispatches" and "total imports/arrivals" categories. It later added a breakout table for "vessels and aircrafts" which starts at 2014.

Brexit

As of January 2021, for Northern Ireland, imports are recorded by country of consignment. For the U.K. (excluding Northern Ireland), imports are recorded by country of origin. Thus, trade data with the U.K. are not fully comparable with data for other extra-EU trade partners.

Further reading

On Data Buffet:

• Data Revision: Cyprus - Trade (M) [2014-2016]

At the source:

• Methodology
• Combined nomenclature - products classification, tariff
• External trade statistics

At IMF (SDDS):

• Merchandise trade