Higher exports bring Cyprus trade deficit down

The only ray of hope in the economy is a rise in exports in the first eight months of the year, which, coupled with a drop in imports, has helped reduce the trade deficit from 2.93 bln euros to 2.07 bln by the end of August.
The Statistical Service said that total imports/arrivals in January-August amounted to 3.13 bln euros compared to 3.89 bln in January-August 2012. Total exports/dispatches rose to 1.05 bln euros compared to 958 mln in January-August 2012. The trade deficit was thus reduced to 2.07 bln in January-August compared to 2.93 bln in the corresponding period of 2012.
In August, total imports/arrivals reached 368.2 mln and total exports/dispatches amounted to 100.5 mln. Exports/dispatches of domestically produced goods, including stores and provisions, were 46.5 mln while (re)exports of foreign goods, including stores and provisions, were 54.0 mln.