Trade deficit seen at €4bn in January to October

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By Stelios Orphanides

The trade deficit widened in the first months of the year 18 per cent to €3.9bn compared to the respective period of 2016, mainly on increased imports, the statistical service said.

Total imports rose in January to October 13 per cent to €6.3bn compared to a year before, while exports rose 6.6 per cent to €2.5bn, Cystat said in a statement on its website on Monday.

Imports from other European Union countries fell an annual 2 per cent to €3.8bn in January to October while exports to them fell 21 per cent to €910.1m, Cystat said. Imports from third countries rose 50 per cent to €2.5bn while exports rose 34 per cent to €1.5bn.

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About Author

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

  • CitiZenKaNe

    Does that include the monies spent on online purchases, as I’m sure a few too many millions are going to Amazon& the like….

  • Vegchef

    You cannot have anything like a balanced budget with this degree of difference between imports and exports. Apart from potatoes what else does Cyprus export?

    • SuzieQ

      Can’t think of anything —I’ll get back to you…..

      • Packaged pharmaceuticals.

        • AnalogMind

          The biggest category (25% of total) are mineral fuels, oils and distillation products. Pharmaceuticals at 15% is the second largest category. Look at tables above.

      • Cyprus

        Lots of Halloumi

    • Cyprus

      Halloumi

  • AnalogMind

    In other words, most of new economic activity comes from outside the EU. Whereas the EU bloc is somewhat stagnant, the rest of the world offers better opportunities for Cyprus to grow its exports.

  • Terryw45

    “The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed, lest Rome will become bankrupt. People must again learn to work instead of living on public assistance.”

    – Cicero, 55 BC