Cyprus trade deficit reduced to €3.9 billion in Jan-Oct ‘09

Cyprus’ trade balance recorded a deficit of 3.9 billion Euro for the first 10 months of 2009, reduced by 1.3 billion euro compared to the corresponsive period in 2008.

According to data released on Friday by Eurostat, the Statistical Office of the European Communities, Cyprus’ total value of exports reached 700 million Euro, recording a decrease of 20% compared to the same period last year. Imports also showed a decline of 25% reaching 4.6 billion Euro.

For the same period, Greece’s trade balance was 23.7 billion euro. Total exports reached 11.9 billion Euro marking a decrease of 19%, while imports was also reduced by 32% reaching 35.6 billion Euro.

Regarding EU27, imports from China recorded a decrease of 13% reaching 177.3 billion Euro, imports from Russia reduced by 40% reaching 93 billion Euro and imports from USA also marked a decrease of 14% reaching 133,9 billion Euro.

During the first ten months of 2009, EU exports to China reached 66 billion Euro (steady as last year), to Russia 53.5 billion Euro (-40%) and to USA 169.8 billion Euro (-20%).

EU trade balance marked a surplus of 35.9 billion Euro regarding trading with USA and a deficit of 111.3 billion Euro and 39,5 billion Euro with China and Russia respectively.

Member states exports to Turkey reduced by 25% reaching 35,8 billion Euro while imports from Turkey to EU countries also decreased 25% reaching 29,9 billion Euro.