Cyprus Mail
Business Cyprus

January trade deficit narrows to €404m

The trade deficit narrowed in January by €44.5m to €403.7m or 11 per cent compared to the respective month of 2017, the statistical service said on Monday.

The narrower trade deficit in January was on an annual 3.7 per cent drop in imports to €606.1m or by €22.7m and a 11 per cent increase in exports to €202.4m or by €21.8m, Cystat said in a statement on its website.

January’s reduction in imports was on a €76.1m drop to €23.9m in the value of goods imported from third countries compared to January 2017, which more than offset a €53.4m increase in that of those imported from other European Union members to €367.1m, Cystat said.

In the first month of the year, exports to EU members rose by €29.3m to €86.3m compared to a year before, while those to third countries fell by €7.4m to €116.1m, Cystat added.

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