CYPRUS: Trade gap widens as exports decline in Q1

Cyprus’ annual trade deficit widened appreciably in the first three months of the year rising by €360.7 mln on the back of declining exports.

Official data shows that the trade deficit was €1.04 bln in January-March 2019 compared to €685.1 mln in the same three-month period of 2018.

Total imports in January-March were valued at €1.97 bln from €1.96 bln in the same quarter last year, while total exports declined to €930.5 mln from €1.27 bln in 2018.

Last year’s trade surplus of €153 mln in March turned into a deficit of €386.1 mln one year on.

In March 2019, total imports were valued at €598.8 mln from €729.9 mln in March 2018, while total exports, including stores and provisions, crashed to €212.7 mln from €882.9 mln.

Exports of domestically produced goods, including stores and provisions in March fell to €90.9 mln from €109.0 mln in March 2018 whilst exports of foreign goods declined sharply to €121.8 mln from €773.9 mln.