Cyprus trade deficit widens sharply in January-August

The trade deficit widened sharply in the first eight months of the year, as imports rose sharply and exports rose only slightly.
According to the latest data from the Statistical Service, the trade deficit rose by 23.1% to EUR 4,144.3 mln January-August 2008 compared with EUR 3,365.7 mln in January-August 2007.
Total imports/arrivals in January-August 2008 rose by 19.9% to EUR 4,920.1 mln, compared with EUR 4,101.9 mln in January-August 2007. Total imports cover imports from third countries and arrivals from other EU Member States.
Total exports/dispatches in January-August 2008 rose by 5.4% to EUR 775.8 mln compared with EUR 736.3 mln in January-August 2007. Total exports cover third countries and dispatches to other Member States.

In August alone August 2008 total imports/arrivals were valued at EUR 570.5 mln, while total exports amounted to EUR 86.5 mln.
Εxports/dispatches of domestically produced goods, including stores and provisions, amounted to EUR 27.1 mln whilst exports/dispatches of foreign goods, including stores and provisions, amounted to EUR 59.4 mln.

Fiona Mullen