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Q1 trade deficit rises 14% to €730.6m, Cystat says

John Fredriksen is an oil and shipping tycoon

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.

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