Cyprus Mail
Business Cyprus

Trade deficit widens 2.2% to €2.8bn, Cystat says

Cyprus’s trade deficit widened 2.2 per cent, to over €2.8bn, in the first eight months of the year compared to the respective period of last year mainly on increased imports, the statistical service said.

Total imports rose 5.5 per cent in January to August, compared to the respective period of 2016, to over €4.8bn, Cystat said in a statement on its website. Total exports rose 10 per cent to over €2bn.

Imports from other European Union members dropped by 7 per cent in the first eight months of the year, to below €3.1bn, while exports plunged 31 per cent, to €756.6m, Cystat said. Imports from third countries rose 27 per cent to below €1.8bn, while exports rose 35 per cent, to €440.4m.

Excluding the import and export of transport equipment such as ships and aircraft, in the first eight months the value of imports was almost €4bn compared to €3.3bn the previous year while the value of exports rose to €1.4bn, from €1.1bn respectively.

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