Cyprus trade deficit spikes to 1.65 billion in January – April of 2017

Cyprus trade deficit in the first four months of 2017 reached Euros 1,656.7 million in January- April 2017 marking an increase of 125% compared to Euros 735.6mn in the respective period of 2016.

According to data released on Monday by Cyprus’ Statistical Service (Cystat), the rise is due to increasing imports and a reduction in exports.

Total imports/arrivals (covering total imports from third countries and arrivals from other EU member-states) in January-April 2017 amounted to Euros 2,418.2mn from Euros 1,778.2mn in January- April 2016, Cystat said.

Total exports/dispatches (covering total exports to third countries and dispatches to other EU Member States) in January- April 2017 declined to Euros 761.5mn compared to Euros 1,042.6mn in January- April 2016.

In April total imports/arrivals (covering total imports from third countries and arrivals from other EU Member States) amounted to Euros 577.2mn.

Total exports/dispatches (both exports to third countries and dispatches to other EU member-states), including stores and provisions, in April 2017 amounted to Euros 187.4mn.

?xports/dispatches of domestically produced goods, including stores and provisions, were Euros 84.6mn whilst exports/dispatches of foreign goods, including stores and provisions, amounted to Euros 102.8mn.

Furthermore, according to preliminary estimates published by Cystat, total imports in May amounted to Euros 673.4 mn, of which Euros 453.2 mn accounted for arrivals from other EU member-states and Euros 220.2 mn imports from non-EU states.

Total exports/dispatches were Euros 264.1 mn of which Euros 100.1 mn were dispatches to other the EU and Euros 164.0 mn exports to non-EU states.

Source: Cyprus News Agency