Cyprus Mail

January to August trade deficit widens to €2.8bn, Cystat says

John Fredriksen is an oil and shipping tycoon

Cyprus’s trade deficit widened 29 per cent from January to August to €2.8bn compared with the respective period of 2015, mainly on increased imports, the statistical service said.

The total value of imports rose 14 per cent in the first eight months of the year to €3.9bn while exports fell 13 per cent to below €1.1bn compared with the respective period last year, Cystat said in a statement on its website on Monday. The export figures of 2015 include transport equipment worth €158.6m while the 2016 import figures contain transport equipment worth €615.6m.

Exports to other European Union countries fell an annual 23 per cent to €512.3m while imports rose 22 per cent to €3bn, Cystat said. Exports to third countries fell 1.3 per cent to €563.6m and total imports fell 6.1 per cent €909.5m.

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