Cyprus exports continue to boom in March

Exports continued to boom in March, recording a rise in Cyprus pound terms of 22.8% compared with the same month of 2004, while the pace of import growth slowed sharply.

On the basis of preliminary estimates published by the Statistical Service CYSTAT, total exports/dispatches in March 2005 reached CYP 62.5 mln of which CYP 39.8 mln was dispatches to other EU member states and CYP 22.8 mln exports to third (non-EU) countries.

Total exports/ dispatches for the period January – March 2005 increased by 35.1% and reached CYP 152.7 mln, in comparison with CYP 113.0 mln in the corresponding period of 2004. While still very high, the rate of growth of exports in the first three months was slower than the 45.2% recorded in January-February.

Import growth slows

Import growth slowed much more sharply, however. Total imports/ arrivals in March 2005 rose by 5.5% year on year, compared with a rise of 19.6% year on year in the first two months of 2005.

In March imports reach CYP 255.0 mln, of which CYP 181.2 mln was arrivals from other EU members. and CYP 73.8 mln imports from third countries.

Total imports/arrivals for the period January – March 2005 expanded by 13.7% and amounted to CYP 657.1 mln, compared to CYP 578.0 mln in January -March 2004.