Trade deficit widens to €2.6bn in January to July 2017

Cyprus’ trade deficit from January to July 2017 widened 5.9% to €2.6bn compared with the respective period last year, mainly on increased imports and stagnant exports, the statistical service said.

Total imports rose an annual 3.6% in the first seven months of the year to over €4.2bn while exports rose marginally to €1.6bn, Cystat said in a statement on its website.

The January to July 2016 figures include imports of transport equipment, ships and aircraft, worth €1.2bn and exports worth €667.9m, while those of 2017 include imports worth €744.5m and exports worth €361.8m, Cystat said. Excluding the import and export of ships and aircraft, the trade deficit would stand at €2.2bn in the first seven months of the year compared with €1.9bn in January to July 2016.

Total imports from European Union countries dropped in January to July 8.7% to €2.7bn while exports fell 33% to €629.5m compared with a year before, Cystat said. In the case of third countries, imports rose 35% to below €1.6bn and exports rose 44% to €995.2m.

Source: Cyprus Mail