Trade deficit hits more than CYP 2 bln

The deficit on trade in goods reached CYP 2.17 bln in 2004, or 30% of GDP, according to preliminary estimates for foreign trade in December 2004.

Total imports/ arrivals for the period January-December 2004 rose by 17.7% year on year to reach CYP 2,711.3 mln, compared to CYP 2,304.1 mln in 2003. Imports from the EU in the same period rose by 36.1% to CYP 1,784.9 mln.

Total exports/dispatches for 2004 increased by 14.4% to CYP 545.5 mln, compared to CYP 476.8 mln in 2003. Exports to EU countries rose by a higher 23.1% to 342.8 mln.

In December imports/arrivals reached CYP 268.7 mln, and total exports/dispatches were CYP 45.0 mln.