Trade deficit in January to April widens to €1.7bn, Cystat says

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By Stelios Orphanides

Cyprus’s trade deficit widened in the first four months of the year to below €1.7bn compared to €735.6m in the respective period of 2016, the statistical service said.

The widening of the gap in January to April was mainly on increased in imports which rose to €2.4bn from €1.8bn in the respective period last year, the statistical service said. Exports dropped to €762.9m from over €1bn. The increase in imports and drop in exports reflect the transfer of transport equipment such as ship and aircraft.

Imports from other EU countries rose in the first four months of the year by €289.4m to €1.4bn compared to a year before while exports dropped by €368.5m to €309m, Cystat said. Imports from third countries rose by €347.6m to €975.9m and exports rose by €88.8m to €454m.

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About Author

Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: [email protected]

  • Study after study has shown that the financial collapse of the Eurozone countries around the mediterranean was caused by excessive imports subsidised by massive borrowing from core EU countries. If Cypriots, who have the highest private debt in Europe, want to charge unaffordable luxuries like German automobiles to their credit cards, they should not be surprised when their banks go bust again.