Cyprus trade deficit pushed down in 2012 by recession

Recessionary conditions pushed down the trade deficit in 2012, which fell to €4,320.0mln (4.3 bln) in January-December 2012 from €4,906.5mln in 2011. The main reason was a sharp fall of imports.

Total imports/arrivals (covering total imports from third countries and arrivals from other Member States) in January-December 2012 amounted to €5,740.5 mln compared with €6,310.5 mln in January-December 2011.

Exports also rose however. Total exports/dispatches (covering total exports to third countries and dispatches to other Member States) in January-December 2012 rose to €1,420.5 mln (€1.4 bln) compared with €1,404.0 mln in January-December 2011.

Provisional data for January report total imports of €410.9 mln, of which €247.9 mln were arrivals from other Member States of the EU and €163.0 mln imports from third countries. Total exports/dispatches reached €115.9 mln of which €62.4 mln were dispatches to other Member States of the EU and €53.5 mln exports to third countries.

Source: Financial Mirror