Cyprus imports and exports dive in February

The value of both imports and exports in Cyprus dived in February compared with the same period of the previous year, according to preliminary figures for the month.
On the basis of preliminary estimates, total imports/ arrivals amounted to EUR 413.8 mln, a fall of 19.8% compared with February 2008, no doubt partly as a result of falling oil prices.
Total exports/dispatches reached EUR 73.7 mln, marking a fall of 19.4% over February 2008 according to the preliminary figures.
The trade deficit therefore shrank to EUR 340.1 mln, a fall of 19.9% compared with the same month of 2008.
Of the import total, EUR 287.2 mln (a fall of 16.9%) comprised arrivals from other member states of the EU and EUR 126.6 mln (a fall of 25.6%) comprised imports from third countries.
Of the export total, EUR 45.0 mln (a fall of 21.8%) was dispatches to other member states of the EU and EUR 28.7 mln (a fall of 15.3%) was exports to third countries.
In January-February total imports fell by 21.4% to EUR 858.1 mln and total exports fell by 21.4% to EUR 140.7 mln.