Trade balance shifts to deficit in March

Cyprus foreign trade balance shifted to a deficit of Euros 374,1 mn in March, from a Euros 153 mn surplus a year earlier, as exports to third countries plummeted.

According to preliminary estimates of the Statistical Service of Cyprus on foreign trade in the third month of 2019, total imports fell to Euros 587,3 mn compared with Euros 729,9 mn in March 2018.

Cystat said that imports from other EU member states in the third month of 2019 inceased to Euros 433,9 mn from Euros 391,2 mn in March 2018, while imports from third countries fell to Euros 153,5 mn from Euros 338,7 mn.

Total exports in March 2019 shrunk to Euros 213,2 mn compared with Euros 882,9 mn a year earlier.

According to Cyprus’ Statistical Service, exports to other EU member states in March 2019 increased to Euros 102,0 mn compared with Euros 82,0 mn in March 2018, while exports to third countries dropped sharply to Euros 111,2 mn from Euros 800,9 mn.

Source: Cyprus News Agency