Trade deficit down by Euros 338 mn in first four months of the year

The trade deficit declined by Euros 338 mn in the first four months of the year, compared to the same period last year, due to a significant increase in exports to third countries in March.

According to preliminary estimates, the trade deficit stood at Euros 1.336.386 between January – April, compared to Euros 1.674.177 in the corresponding period of 2017.

The reduction of the deficit is a result of a surplus of Euros 155,58 mn in the trade balance in March, compared to a deficit of Euros 456,88 mn in March last year. The surplus is a result of abig increase in exports to third countries that reached Euros 798,62 mn.

Cystat reported that on the basis of preliminary estimates in April 2018, total imports were Euros 991,3 mn, of which Euros 493,7 mn were imports from other Member States of E.U. and Euros 497,6 mn imports from Third Countries. Total exports were Euros 332,0 mn of which Euros 115,8 mn were exports to other Member States of E.U. and Euros 216,2 mn exports to Third Countries.

Total imports and exports for April 2018 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of Euros 406,7 mn. and Euros 59,5 mn. respectively.

Cystat said that the trade deficit was Euros 677,1 mn in January-March 2018 compared to Euros 1.268,8 mn in the corresponding period of 2017.

Total imports in January-March 2018 amounted to Euros 1.946,0 mn compared to Euros 1.869,8 mn in January-March 2017. Total exports in January-March 2018 were Euros 1.268,9 mn compared to Euros 601,0 mn in January-March 2017.

In March 2018 total imports stood at Euros 721,2 mn compared to Euros 704,8 mn in March 2017.

Total exports, including stores and provisions, in March 2018 amounted to Euros 876,7 mn compared to Euros 247,9 mn in March 2017. Exports of domestically produced goods, including stores and provisions in March 2018 were Euros 106,6 mn compared to Euros 126,8 mn in March 2017 whilst exports of foreign goods, including stores and provisions, in March 2018 were Euros 770,1 mn compared to Euros 121,1 mn in March 2017.

Total domestic exports of industrial products in March 2018 were Euros 92,0 mn compared to Euros 113,4 mn in March 2017. Total domestic exports of agricultural products in March 2018 were Euros 13,0 mn compared to Euros 10,7 mn in March 2017.

Source: Cyprus News Agency