CYPRUS: Trade gap widens as exports decline in Q1

Cyprus’ annual trade deficit widened appreciably in the first three months of the year rising by Euros 360.7 mln on the back of declining exports.

Official data shows that the trade deficit was Euros 1.04 bln in January-March 2019 compared to Euros 685.1 mln in the same three-month period of 2018.

Total imports in January-March were valued at Euros 1.97 bln from Euros 1.96 bln in the same quarter last year, while total exports declined to Euros 930.5 mln from Euros 1.27 bln in 2018.

Last year’s trade surplus of Euros 153 mln in March turned into a deficit of Euros 386.1 mln one year on.

In March 2019, total imports were valued at Euros 598.8 mln from Euros 729.9 mln in March 2018, while total exports, including stores and provisions, crashed to Euros 212.7 mln from Euros 882.9 mln.

Exports of domestically produced goods, including stores and provisions in March fell to Euros 90.9 mln from Euros 109.0 mln in March 2018 whilst exports of foreign goods declined sharply to Euros 121.8 mln from Euros 773.9 mln.

Source: The Financial Mirror