CYPRUS: Trade deficit expands to €3.1 bln as exports fall

Cyprus exports of goods in the first ten months of 2014 shrank by about €100 mln to €1.2 bln from the same period in 2013, with the €4.3 bln in imports resulting a the trade deficit for January to October growing to €3.1 bln.

The EU statistical service Eurostat reported that the first estimate for the euro area trade with the rest of the world in November 2014 recorded a €20 bln surplus, up from a surplus €16.5 bln in November 2013.
The biggest rise in EU28 exports were registered with China (+11% in January-October 2014 compared with Jan-Oct 2013), South Korea (+10%) and the United States (+6%), and for EU28 imports with South Korea (+9%), China (+8%) and Turkey (+7%).
As regards the total trade of EU member states, the largest surplus was in Germany (€183.6 bln), followed by the Netherlands (€50.6 bln), Italy (€33.6 bln), Ireland (€29.2 bln) and the Czech Republic (€14.1 bln). The United Kingdom registered the largest deficit of -€114.5 bln, followed by France (-€60.5 bln), Spain (-€21.5 bln) and Greece (-€17.4 bln).