Trade deficit widens in January to May to €2.1bn, Cystat says

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By Stelios Orphanides

Cyprus’s trade deficit widened in January to May an annual 24 per cent to well below €2.1bn, mainly on increased imports, the statistical service said.

Total imports rose in the first five months of the year by 8.1 per cent to €3.1bn with the value of goods imported from other European Union countries falling 8.7 per cent to €1.9bn compared to the respective period of 2016, Cystat said in a statement on its website on Monday. Imports from third countries rose 52 per cent to €1.2bn.

Exports in January to May fell an annual 14 per cent to over €1bn, Cystat said. Exports to other EU countries dropped 46 per cent to €407.7m while those to third countries rose 39 per cent to €617.9m.

The above figures include the import of transport equipment, ships and aircraft, worth €887.7m and €623.3m in the first five months of both 2016 and this year respectively as well as export of transport equipment worth €533.4m and €139.6m also respectively.

Excluding the import and export equipment, total imports rose an annual 25 per cent to below €2.5bn and exports 33 per cent to €886.1m, according to the Cystat figures. The trade deficit excluding ships and aircraft rose 21 per cent to €1.6bn.

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About Author

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

  • Alex

    Looks like we are preparing to leave the EU. Our exports are pitiful, get a grip.