Recession pushed down Cyprus trade deficit in 2012

Recessionary conditions pushed down the trade deficit in 2012, which fell to EUR 4,320.0 mln (4.3 bln) in January-December 2012 from EUR 4,906.5 mln in 2011.
The main reason was a sharp fall of imports.
Total imports/arrivals (covering total imports from third countries and arrivals from other Member States) in January-December 2012 amounted to EUR 5,740.5 mln compared with EUR 6,310.5 mln in January-December 2011.
Exports also rose however. Total exports/dispatches (covering total exports to third countries and dispatches to other Member States) in January-December 2012 rose to EUR 1,420.5 mln (EUR 1.4 bln) compared with EUR 1,404.0 mln in January-December 2011.
Provisional data for January report total imports of EUR 410.9 mln, of which EUR 247.9 mln were arrivals from other Member States of the EU and EUR 163.0 mln imports from third countries.
Total exports/dispatches reached EUR 115.9 mln of which EUR 62.4 mln were dispatches to other Member States of the EU and EUR 53.5 mln exports to third countries.