Cyprus’s exports in the first quarter of the year fell an annual 30 per cent to €369.6m widening the trade deficit to €730.6m which was 14 per cent higher compared to a year before, the statistical service said.
Total imports fell January-March 5.5 per cent to €1.1bn, Cystat said in a statement on its website on Tuesday.
Exports to European Union countries fell in the first quarter to €170.9m which was almost half of the respective 2015 figure, Cystat said. The value of exports in January last year also includes a total of €158.6m in transport equipment which is related to the demise of Cyprus Airways. Imports from the rest of the EU fell 5.3 per cent to €804.1m.
Exports to third countries rose an annual 3 per cent in January to March to €198.7m while imports fell 6 per cent to €296.1m, Cystat said.