Cyprus Mail

Trade deficit widens to €4.6bn in January to November

Cyprus’s trade deficit widened 18 per cent in January to November to €4.6bn or by €715.9m compared to the respective period of 2016, the statistical service said.

The deterioration of the foreign trade balance in January to November was on a 14 per cent annual increase of imports which rose to €7.3bn, Cystat said in a statement on its website on Tuesday. The increased imports more than offset a 6.6 per cent increase in exports to €2.7bn.

Imports from other European Union countries rose 0.3 per cent to €4.3bn in the first 11 months of 2017 compared to a year before while exports dropped 19 per cent to €995.1m, Cystat said. Imports from third countries rose 40 per cent to over €3bn, while exports rose 31 per cent to €1.7bn.

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