Q1 trade deficit drops 47%, to €669m, Cystat says

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By Stelios Orphanides

Cyprus’s trade deficit in the first quarter of the year fell an annual 47 per cent, to €669.2m, on an increase of exports, the statistical service said.

Total exports in January to March rose 110 per cent, to €1.3bn, while imports rose 3.2 per cent, to €1.9bn, compared to the respective three-month period of 2017, Cystat said in a statement on its website. The value of exports and imports in March was €870.3m and €705.5m respectively and included the transfer of ships worth €649.1m and €202.3m respectively.

Exports to member states in the first quarter rose an annual 6.6 per cent, to €240.6m, while imports from the EU rose 5.1 per cent, to €1.2bn, Cystat said. Exports to and exports from third countries rose 172 per cent, to €645.1, and 0.6 per cent, to €774.6m.

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