The island’s trade deficit narrowed by a quarter or about €1 bln in January-November 2013, due mainly to a proportionate fall in imports linked to lack of consumer spending because of the crisis and a slight increase in exports.

The Statistical Service of Cyprus, Cystat, said that total imports/arrivals in January-November 2013 amounted to €4,385.5 mln as compared to €5,311.4 mln in January-November 2012. Total exports/dispatches in the same 11-month period rose to €1,456.6 mln from €1,319 mln in January-November 2012. Thus, the trade deficit shrank by about €1 bln to €2,928.9 mln in January-November compared to €3,992.4 mln in the corresponding period of 2012.

November imports were valued at €406.2 mln, while total exports in the same month stood at €108.9 mln. Exports of domestically produced goods, including stores and provisions, were €55.6 mln whilst re-exports accounted for €53.3 mln.

Source: Financial Mirror