Cyprus foreign trade deficit declines to 5.38 billion in 2011

Cyprus' foreign trade in 2011 declined to 4.85 billion EURO from 5.38 billion in 2010, according to provisional estimates released today by the Statistical Service.

In 2011 total imports were reduced to 6.24 billion EURO from 6.51 billion in 2010, whereas total exports increased to 1.38 billion compared to 1.13 billion in 2010.

Trade with the other EU member-states declined by 400 million EURO to 3.41 billion from 3.81 billion in 2010.

Cypriot exports/dispatches to EU member-states increased by 176.8 million to 885.4 million from 708.5 million in 2010, whereas imports/arrivals declined by 223 million to 4.30 billion from 4.52 billion in 2010.

Cyprus' 2011 trade deficit with third countries (non EU) dropped to 1.44 billion EURO from 1.56 billion in 2010 with imports reduced to 1.94 down by 49 million compared with 2010 and exports accelerating by 74 million to 502 million.

Trade deficit in December 2011 declined to 404.9 million EURO, down by 45 million compared with December 2010.