Cyprus exports up 31.2%, imports up 10.7%, in 2005

Total exports from Cyprus rose by 31.2% in 2005 to CYP 719.2 mln, compared with CYP 548.0 mln in 2004, according to the latest report from the Statistical Service entitled “Intra-Extra E.U Trade Statistics (Summarised Data)” December 2005.

The total export number includes both total exports to non-EU (“third”) countries and “dispatches” (exports) to other Member States.

As previously noted by the Financial Mirror, a large proportion of exports was accounted for by re-exports of mineral products. In other words, a high oil price had a large part to play in the sharp rise in export values.

Total imports/arrivals, which included imports from EU and non-EU members, rose by 10.7% in 2005 to CYP 2,966.8 mln as compared to CYP 2,679.3 mln in 2004.

As a small island dependent on exports of services, rather than of goods, Cyprus imports many more goods than it exports. The trade deficit was therefore a large CYP 2,247.6 mln (around 29% of GDP), compared with CYP 2,131.3 mln in 2004.

For December alone, total imports/arrivals (covering total imports from third countries and arrivals from other Member States) amounted to CYP 273.3 mln.

Total exports/dispatches (covering total exports to third countries and dispatches to other Member States), including stores and provisions, in December 2005 amounted to CYP 56.9 mln.

?xports/dispatches of domestically produced goods, including stores and provisions, were CYP 19.9 mln and exports/dispatches of foreign goods, including stores and provisions, CYP 37.0 mln.

The monthly report “Intra-Extra E.U Trade Statistics (Summarised Data)” for December 2005 is available from the Printing Office of the Republic of Cyprus in Nicosia at the price of CYP 2.00 or can be downloaded free of charge from the website of the Statistical Service, under the Section “Publications”.

Fiona Mullen