Cyprus external trade deficit for the period of January – November drops by 13.5%

Cyprus’ external trade deficit for the period of January November 2018 declined by 13.5% compared with the respective period of 2017 due to a spike in exports, according to provisional data released by the Cyprus Statistical Service (Cystat).

According to Cystat, Cyprus’ trade deficit for the period amounted to Euros 4.2 billion compared with Euros 4.75 billion in the period of January November 2017.

Total imports for the period of January November increased by an annual 10% amounting to Euros 8.26 billion. Total exports increase outpaced imports, amounting to Euros 4.07 billion marking an increase of 49% year on year.

Cyprus’ trade is affected by the transfer of economic ownership of mobile transport equipment (aircrafts and ships) mainly due to the island’s vibrant shipmanagement industry.

Total imports excluding ships and aircraft for the period of January November 2018 amounted to Euros 6.61 billion compared with Euros 5.70 billion in the respective period of 2017.

Total imports for the period of January November 2018, excluding ships and aircraft, amounted to Euros 2.52 billion with exports associated with ships and aircraft amounting to Euros 1.55 billion. In the respective period of 2017 net exports amounted to Euros 0.8 billion.

According to the Cystat data, of the total imports, 58% came from EU member-states, while non EU-states hold the lion’s share in exports with 72%, including ships and aircraft transfers.

Source: Cyprus News Agency