Exports soar in August

Total exports of goods soared in August, rising by 45.0% compared with August 2004, to CYP 51.7 mln, according to preliminary estimates. This brought the total rise in exports of goods in Jan-August to 23.3% compared with the same period of the previous year.

The Statistical Service no longer publishes the breakdown of foreign trade figures in Excel format, therefore until we have analysed the printed report, it is not possible to say why exports have performed so strongly this year.

Exports outside the EU (55.9%) rose faster year on year than exports within the EU (39.6%).

Imports slower

Total imports (“arrivals”) rose by 8.2% year on year in August to CYP 213.9 mln, bringing the Jan-August rise to 5.7% compared with the same period of the previous year.

Imports from EU countries rose by 13.3%, whereas imports from non-EU countries fell by 2.0%.

Trade deficit widens

Despite the slower rise in imports, the fact that imports far outweigh exports in terms of value meant that the trade deficit widened, to CYP 162.2 mln in August 2005, compared with CYP 161.9 mln in August 2004.

In January-August the trade deficit recorded CYP 1.38 bln, or around 17% of annual GDP, compared with CYP 1.37 bln in the same period of 2004.

Fiona Mullen