Trade deficit widens to €2.6bn in January to July, Cystat says

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By Stelios Orphanides

Cyprus’s trade deficit from January to July widened 5.9 per cent to €2.6bn compared with the respective period last year, mainly on increased imports and stagnant exports, the statistical service said.

Total imports rose an annual 3.6 per cent in the first seven months of the year to over €4.2bn while exports rose marginally to €1.6bn, Cystat said in a statement on its website.

The January to July 2016 figures include imports of transport equipment, ships and aircraft, worth €1.2bbn and exports worth €667.9m, while those of 2017 include imports worth €744.5m and exports worth €361.8m, Cystat said. Excluding the import and export of ships and aircraft, the trade deficit would stand at €2.2bn in the first seven months of the year compared with €1.9bn in January to July 2016.

Total imports from European Union countries dropped in January to July 8.7 per cent to €2.7bn while exports fell 33 per cent to €629.5m compared with a year before, Cystat said. In the case of third countries, imports rose 35 per cent to below €1.6bn and exports rose 44 per cent to €995.2m.

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