Cyprus’s trade deficit widened last year 23 per cent to €4.2bn or by €781.4m compared to 2015, on increased total imports and a drop in total exports, the statistical service said.
Total imports rose in 2016 an annual 15 per cent last year to €5.9bn, the highest since 2011, Cystat said in a statement on its website on Thursday. Total exports dropped 0.9 per cent to €1.7bn.
Excluding the impact from the transfer of transport equipment on trade figures, such as ships and aircraft, imports rose 1.9 per cent last year to €5.2bn and exports rose 9.1 per cent to €1.7bn compared to 2015, Cystat said. The trade deficit narrowed in 2016 by €47.6m to below €3.5bn or 1.4 per cent.
Total imports from European Union countries rose an annual 16 per cent in 2016 to €4.3bn while total exports fell 12 per cent to €791.1m, Cystat said. Both total imports from third countries and total exports to third countries rose 11 per cent to €1.6bn and €933.1m respectively.