Trade deficit surges 24% in first half

The trade deficit during the first half of 2006 jumped by 24.4% YoY to CYP 1.3 bln from CYP 1.05 bln a year ago in the same period as imports surged by 18.7% while export growth was flat at 0.2%, according to data released by the Statistics Service, compiled by the Financial Mirror.

Total imports in the first half until end of June 2006 were up 18.73 YoY to CYP 1.62 bln compared to CYP 1.37 bln a year ago in the same period while exports were up 0.2% YoY to CYP 320.37 mln from CYP 319.82 mln a year ago in the first half.

On the basis of preliminary estimates for Foreign Trade in June 2006, total imports/ arrivals were CYP 330.6 mln, of which CYP 190.0 mln were arrivals from other Member States of E.U. and CYP 140.6 mln imports from Third countries. Total exports/dispatches were CYP 51.3 mln of which CYP 34.0 mln were dispatches to other Member States of E.U. and CYP 17.3 mln exports to Third Countries.