Cyprus’s trade deficit in the first two months of 2016 widened an annual 26 per cent or by €95.9m to €464.3m mainly as exports slumped outstripping a drop in imports, the statistical service said.
Overall exports dropped 38 per cent in January to February to €226.8m or 38 per cent compared to the respective period of 2015, Cystat said in a statement on its website. The drop is related to an extraordinary increase in exports of aircraft worth €1158.6m in January 2015, the month in which Cyprus Airways ran out of cash. Overall imports dropped 5.9 per cent to €691.1m in the first two months of the year.
Exports to and imports from European Union countries fell 60 per cent to €108.6m and 6.4 per cent to €507.2m in the first two months of 2016 compared to a year before respectively, Cystat said.
Exports to third countries rose an annual 27 per cent to €118.2m in January to February while imports fell 4.3 per cent to €183.9m, Cystat said.