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January trade deficit widens to €233.5m

Cyprus’s trade deficit widened by €95.1m in January to €233.5m compared to a year before as the value of exports slumped outpacing the drop in the value of imports, the statistical service said.

Overall exports dropped in January to €110.6m from €260.2m in the respective month of 2015 which included a total of €158.6m in exported transport equipment resulting from the bankruptcy of Cyprus Airways, Cystat said in a statement on its website on Friday. The value of imports fell to €334.1m in the first year of 2016 from €388.6m a year before.

Exports to European Union countries fell in January to €54.8m from €215.4m a year before while the value of imports fell by €40.3m to €245.2m, Cystat said.

Cyprus’s exports to third countries rose by €11m to €55.9m in January while imports fell by €14.11m to €89m from January 2015, Cystat said.

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