Cyprus trade deficit has recorded an increase of €184,16 million in the first eight months of 2014 compared with the corresponding period of 2013 mainly due to the increase in imports from the EU Member States, according to the preliminary data released Friday by the statistical Service.
The trade deficit rose in the period January – August 2014 to €2,26 billions compared to €2,07 billion in the corresponding period of 2013.
In particular, according to the preliminary figures, total imports (from EU and third countries) increased in the first eight months of 2014 by €117,15 million reaching € 3,25 bn., compared with the corresponding period of 2013, while exports decreased by € 67 million at € 995 million.
Imports /arrivals from EU Member States increase in the eight months of 2014 by € 195 million reaching €2,33 bn. compared with the corresponding period of 2013, while exports / dispatches declined by € 85 million reaching € 549 ml.
On the contrary, according to the preliminary figures, imports from third countries decreased by € 78 million to €920 million, while exports increased by € 18 million to € 446 million.
In addition, based on preliminary estimates on Cyprus Foreign Trade for August 2014, total imports / arrivals were € 413,9 m. of which €290,3 million were arrivals from other Member States of the EU and € 123.6 million were imports from Third Countries.
Total exports / dispatches were € 90,1 mn. of which € 48,2 million were dispatches to other Member States of EU and € 41,9 million exports to Third Countries.
Prospects for Cyprus economy very positive
At the same time the prospects for Cyprus economy are very positive and the results so far are concrete, Finance Minister Harris Georgiades has said.
The Minister who is in Washington at the moment, attending the IMF and World Bank annual meeting, pointed out that for the first time since 2007 the unemployment is dropping. He expressed at the same time his optimism that a solution will be found regarding the non-performing loans.
He clarified that his presence in Washington is related with the annual IMF and World Bank meeting, however it is a very good opportunity to have a substantial discussion with the IMF regarding the progress made in efforts to exit the crisis and stabilise the economy.
Cyprus FinMin stressed that all these efforts must continue, adding that all the problems and `political difficulties` that have developed are typical in the course of such a demanding and extensive rescue program.
Invited to comment on the `thorny` issue of non-performing loans, Cyprus Minister said that it is an issue of efforts and time and that soon it will be dealt with.
Cyprus agreed with its international lenders collectively known as the Troika (EC, ECB, IMF) a €10 billion bailout. So far the country has received five tranches amounting to 5,77 billion from the EU and the IMF. The sixth tranche amounts to €436 millions (€350 mln from the ESM and €86 mln from the IMF).
