CYPRUS: 1H trade deficit expands by 43%

The first half trade deficit for Cyprus expanded by 43% to EUR 2.20 bln, from EUR1.54 bln in the January-June period of 2015, according to the Statistical Service Cystat.

 
Total imports in January-June 2016 amounted to EUR 2.99 bln, compared to EUR 2.55 bln in January-June 2015, an increase of EUR 454 mln.
Imports from EU countries amounted EUR 2.33 bln, of which imports from Germany stood at EUR 760 mln, from Greece EUR 564 mln, from Italy EUR 184 mln and from the UK at EUR 174 mln.
Imports from the rest of the world totalled EUR 580 mln, of which China accounted for EUR 121 mln, followed by Israel with EUR 98 mln and India with EUR 31 mln, while imports from the US reached EUR 28 mln.
Total exports in the January-June period reached EUR 791 mln compared to EUR1 bln in January-June 2015, a decrease of EUR 211 mln.
Exports to EU countries totalled EUR 346 mln. Exports to Greece totalled EUR 110 mln, followed by the UK with EUR 74 mln and Slovakia with EUR 24 mln.
Exports to the Middle East totalled EUR 122 mln, while exports to Asia reached EUR 68 mln.
Pharmaceuticals were the biggest exports at EUR 108 mln, unchanged from 2015. Halloumi was the second best export amounting EUR 71 mln, an increase of 20.5% compared to EUR 59 mln in the corresponding period of 2015.