ECONOMY: Cyprus trade deficit narrows by 33% in January

Cyprus’ trade deficit in January 2019 declined to €277.6 mln, marking a reduction of 33% compared to €416.4 mln the year before.

The reduction is mainly due to rising exports, associated with exports of stores and provisions for ships and airplanes.

 According to Cystat’s “Intra-Extra EU Trade Statistics” total imports in January 2019 jumped 30.4% to €811.2 mln from €621.9 mln in January 2018.

Total exports (covering total exports to third countries and to EU Member States) rose 160% to €533.6 mln compared to €205.5 mln in January 2018.

Furthermore, total exports of domestically produced goods, excluding stores and provisions reached €74.5 mln from €115.2 mln a year ago.

Total domestic exports of industrial products were down to €66.5 mln from €106 mln in January 2018.

Total domestic exports of agricultural products also dropped to €6.4 mln from €8.0 mln.