Cyprus trade balance deficit continues to fall

Imports continued to fall as exports continued to rise in April, which led to a fall of the trade balance deficit, preliminary data published on Monday by the Cyprus Statistical Service shows.

The trade balance deficit continued to fall on a monthly basis for the sixth consecutive month since November 2012, recording in April €161 million compared to €373.74 million in April 2012 and €261.95 million in March 2013. On an annual basis the deficit was down in April for the eighth month running, since September 2012.

Additionally, the preliminary data shows a significant reduction in the trade balance deficit by €450 million in the period between January and April 2013 which shrank to €1.0 billion from €1.45 billion during the corresponding period of last year.

Imports during the first four months of the year came to€1.53 billion down from 1.91 billion at the same period of 2012, while exports came to €532.34 million up from €464.77 million at the same four months of last year.

In April 2013 total imports / arrivals came to €356.8 million down from €514.13 in April 2012, of which €233.1 million came from other EU member states and €123.7 million from third countries.

On the contrary total exports / dispatches reached €195.8 million in April 2013, up from €140.38 million of which €137.8 million were to other EU member states and €58.0 million to third countries.