ECONOMY: Cyprus trade deficit shrinks by EUR 138 mln in January

Cyprus exports grew faster than imports during January, narrowing the island’s trade deficit by Euros 138.8 mln.

Official data shows the trade deficit was Euros 277.6 mln in January 2019 from Euros 416.4 mln in the same month last year.

Total imports in January stood at Euros 811.2 mln compared with Euros 621.9 mln in January 2018, while total exports rose to Euros 533.6 mln compared with Euros 205.5 mln in 2018.

Total imports included the transfer of economic ownership of mobile transport equipment (vessels), with total value of Euros 298 mln from Euros 70 mln.

Total exports in January included the transfer of economic ownership of mobile transport equipment (vessels), with total value of Euros 409 mln from Euros 204 mln in January 2018 last year.

Exports of domestically produced goods, including stores and provisions that stood at Euros 75.4 mln compared with Euros 116 mln in January 2018 whereas exports of foreign goods, including stores and provisions, in the first month of 2019 were Euros 458.2 mln from Euros 89.5 mln.

Total domestic exports of industrial products in January were Euros 66.5 mln compared with Euros 106 mln in January 2018 and total domestic exports of agricultural products were Euros 6.4 mln down from Euros 8 mln.

Source: The Financial Mirror