CYPRUS: Trade deficit narrows as exports shoot up

The trade deficit narrowed in January-February by just over a quarter from a year earlier to €368.6 mln from €510.6 mln, with imports marginally up but exports leaping about 60%, probably due to the re-export of liquid fuels from the Vitol-owned VTTV storage facility in Vassiliko that started work in December 2014.

According to the statistical service Cystat’s “Intra-Extra EU Trade Statistics” for February 2015, total imports/arrivals (covering total imports from third countries and arrivals from other Member States) in January-February amounted to €731.8 mln as compared to €728.1 mln in January-February 2014.
Total exports/dispatches (covering total exports to third countries and dispatches to other member states) in January-February rose to €363.2 mln from €217.4 mln in January-February 2014.
Thus, the trade deficit was €368.6 mln in January-February compared to €510.6 mln in the corresponding period of 2014.
Cystat said that during February alone, total imports/arrivals (covering total imports from third countries and arrivals from other member states) reached €343.4 mln.
Total exports/dispatches (covering total exports to third countries and dispatches to other member states), including stores and provisions, in February amounted to €105.1 mln. Εxports /dispatches of domestically produced goods, including stores and provisions, were €69.1 mln whilst exports /dispatches of foreign goods, including stores and provisions, were €36.0 mln.