Cyprus Mail

Trade deficit to July widens 34% to €2.5bn, Cystat says

Cyprus’s trade deficit widened 34 per cent, or €636m, to over €2.5bn, year-on-year in the first seven months of 2016, as the value of exports soared and that of exports plunged, the statistical service said.

Total imports rose 15 per cent in January to July, to almost €3.5bn, compared to the respective period of 2015, while total exports dropped 17 per cent to €944m, Cystat said in a statement on its website on Friday citing preliminary data. The 2016 import figures include ships with a total value of €563.4m and other transport equipment worth €35.7m. Last year’s exports include transport equipment worth €201.9m.

Imports from other European Union members rose an annual 23 per cent in January to July, to €2.7bn, compared to a drop in imports from third countries, which fell 6.7 per cent, to €784.9m, Cystat said. Exports to the rest of the EU and third countries dropped 26 per cent, to €456.1m, and 6 per cent to €488m.

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