Cyprus trade deficit widens to CYP 1.4 bln in Jan-June

Cystat starts reporting in euros

In the first six months of 2007 the merchandise trade deficit in Cyprus widened to CYP 1,383,713,000 (EUR 2,364,214,000), or CYP 1.4, according to preliminary estimates for the month of June, compared with CYP 1,270,370 (EUR 2,170,556,000) in the same period of 2006.

In June alone, total imports/ arrivals reached CYP 315.1 mln, of which CYP 221.9 mln were arrivals from other member states of EU and CYP 93.2 mln imports from third countries.

Total exports/dispatches amounted to CYP 60.0 mln, of which CYP 42.3 mln were dispatches to other member states of EU and CYP 17.7 mln exports to third countries.

The Statistical Service CYSTAT has begun to convert statistics that it quotes in Cyprus pounds at the irrevocable exchange rate of CYP 0.585274 : EUR 1.

This exchange rate was determined on July 10, 2007 when it was confirmed that Cyprus would enter the eurozone on January 1, 2008 at this exchange rate.

The market exchange rate on August 13, 2008 was CYP 0.5842 : EUR 1.

Fiona Mullen