Trade deficit widens 2.2% to €2.8bn, Cystat says

3

By Stelios Orphanides

Cyprus’s trade deficit widened 2.2 per cent, to over €2.8bn, in the first eight months of the year compared to the respective period of last year mainly on increased imports, the statistical service said.

Total imports rose 5.5 per cent in January to August, compared to the respective period of 2016, to over €4.8bn, Cystat said in a statement on its website. Total exports rose 10 per cent to over €2bn.

Imports from other European Union members dropped by 7 per cent in the first eight months of the year, to below €3.1bn, while exports plunged 31 per cent, to €756.6m, Cystat said. Imports from third countries rose 27 per cent to below €1.8bn, while exports rose 35 per cent, to €440.4m.

Excluding the import and export of transport equipment such as ships and aircraft, in the first eight months the value of imports was almost €4bn compared to €3.3bn the previous year while the value of exports rose to €1.4bn, from €1.1bn respectively.

Share.

About Author

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

  • clergham

    So, another €2.8bn borrowed in hard currency in order to feed public sector workers

    Best answer would be to pay them in a non convertible, depreciating currency such as Turkish lira which can only be spent on rent and food

    • AnalogMind

      This makes no sense. If TL is a depreciating currency it means you need much more TLiras to pay for the same amount of import petroleum. The price of petroleum is rising and you want to use a depreciating currency to pay for it? It will cost you a fortune.

  • AnalogMind

    This means oil imports are more expensive now since imports from other than EU countries rose by 27%(this means from oil producing countries). I believe all the world’s economies will be impacted by the rising price of oil which has been artificialy low.

    If you want to have a true picture on imports-exports then exclude petroleum products and tell us what is going on.