Trade deficit up by Euros 727 mn in 2017, imports rise to Euros 8.03 bn

Cyprus’ trade deficit increased by Euros 727 mn approximately in 2017, compared to the year before, as a result of a significant increase in imports mainly from third countries, according to preliminary estimates of the Statistical Service of Cyprus.

Cystat figures released on Friday showed that the trade deficit rose to Euros 5.13 bn from Euros 4,40 bn in 2016.

Imports soared to Euros 8.03 bn from Euros 7.11 bn in 2016, while exports increased to Euros 2.90 bn from Euros 2.71 bn t? 2016.

The figures showed a significant increase of Euros 860 mn in imports from third countries, which stood at Euros 3.29 bn, while exports to third countries rose by Euros 430 mn, to Euros 1.83 bn.

Imports from EU member states increased only by Euros 51 mn to Euros 4.73 bn, while exports to EU countries saw declined significantly by Euros 240 mn.

On the basis of preliminary estimates for the foreign trade of Cyprus in December 2017, total imports were Euros 698.8 mn, of which Euros 428.1 mn were imports from other EU member states and Euros 270.7 mn imports from third countries.

Total exports were Euros 227.4 mn of which Euros 77.3 mn were exports to other EU member states and Euros 150.1 mn exports to third countries.

Source: Cyprus News Agency