Trade gap widens to €5.1bn in 2017, hits post-crisis record

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By Stelios Orphanides

Cyprus’s trade deficit widened last year an annual 17 per cent, or €727.3m, to €5.1bn, the highest since 2010 mainly on increased imports, the statistical service said.

Total imports rose 13 per cent last year to over €8bn, while total exports rose 7 per cent to €2.9bn, Cystat said in a statement on its website on Friday.

Excluding the import and export of transport equipment such as ships and aircraft, total imports and exports rose 17 per cent last year, to €6.1bn, and 19 per cent, to €2.1bn respectively, Cystat said.

Imports from other European Union member states rose 1 per cent in 2017, to €4.7bn, while total exports dropped 18 per cent, to €1.1bn, Cystat added. Imports from third countries rose 36 per cent to, €3.3bn and exports 30 per cent, to €1.8bn.

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About Author

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