Cyprus export rise slows in February

Export growth slowed in February as the exports of goods from Cyprus rose by just 4.6% year on year in February, compared with 22.7% in January. This is primarily because exports to non-EU countries fell by 8.2% year on year–the second monthly fall in a row.

Exports to EU countries (called “intra-EU dispatches” in impenetrable Eurospeak), rose by 13.0% year on year.

Last year exports rose in Cyprus pound terms by an remarkable 31.2%, although as the Financial Mirror has pointed out before, much of this was simply a reflection of transshipment of higher-priced oil.

Total import growth also slowed in February to 12.4% year on year from 26.7% in January. Car registration data suggest that car imports are still weak following the tax-related buying frenzy in 2004.

The net result was a trade balance that shrank by CYP 126 mln to CYP 42.5 mln.

Fiona Mullen