Cyprus Mail

Trade deficit shrinks by 6.5% in first seven months on export surge

Containers at Limassol port

Cyprus’s trade deficit shrank by 6.5 per cent in the first seven months, to €2.4bn, mainly on a strong increase in exports which outstripped imports, the statistical service said.

Total exports rose 54 per cent, to €2.8bn, year compared with the respective period last year, Cystat said in a statement on Wednesday.

Total imports rose 18 per cent, to €5.2bn. The value of exports and imports excluding ships and aircraft was €1.7bn and €4.1bn respectively in the first seven months of 2018, compared to €1.3bn and €3.6bn the previous year.

Exports to and imports from other European Union members rose in January to July an annual 7.4 per cent and 8.6 per cent to €715.4m and €3.1bn respectively, Cystat said. Those from third countries rose 81 per cent, to €916.8m, and €552.8m.