Cyprus’ trade deficit reduced by 1.4 billion euro in 2009

Cyprus' trade deficit reached 4.3 billion euro in the first eleven months of 2009, reduced by 1.4 bln euro, compared to the corresponding period of 2008, figures released by Eurostat on Wednesday show.

According to Eurostat first estimates, Cyprus’ total imports reached 800 million euro, marking a 20% decrease compared with the first eleven months of 2008. Cyprus' total imports decreased by 24%, reaching 5.1 bln euro.

Regarding the EU, imports from China declined by 14%, reaching 196.6 bln euro. Imports from Russia also decreased by 38%, reaching 103.9 bln, whereas imports from the US declined by 15% compared to the first eleven months of 2008 reaching 146.8 bln euro.

EU exports to China increased by 2%, reaching 73.7 bln euro, whereas exports to Russia decreased by 39%, reaching 59.9 bln euro and exports to the US declined by 19%, reaching 187.6 bln euro.

Hence the EU trade balance recorded a surplus of 40.7 bln euro concerning transactions with the EU, whereas trade with China and Russia recorded a deficit of 122.9 bln and 44.0 bln respectively.