Exports fall 6.4%, imports rise 14.7% in Jan-Sep

Total exports fell by 6.4% year on year to CYP 469.3 mln in the first nine months of 2006 according to preliminary figures. Exports outside the EU fared better: rising by 3.5% in the same period while exports within the EU fell by 11.4%.

Total imports rose by 14.7% to CYP 2.4 bln in the same period. Imports from outside the EU rose by 24.7%, while imports from within the EU rose by 9.9%.

The trade deficit rose sharply by 12.8% to CYP 1.94 bln.

The breakdown of figures for the first eight months of the year suggest that import growth has been strong in the areas of intermediate inputs for construction, which rose from 6.4% (CYP 118 mln) of the total in Jan-Aug 2005 to 6.6% (CYP 142 mln) in Jan-Aug 2006.

Imports of regular transport goods have generally fallen with the exception of the category of “aircraft, helicopters, balloons and airships”, which recorded imports of CYP 32.5 mln in the first eight months of 2006, compared with only CYP 47.000 in the same period of 2005.

The impact of high oil prices can be seen in the large increase of imports of fuels and lubricants, which rose by 52% to CYP 401.1 mln in Jan-Aug 2006, from CYP 264.4 mln in the same period of 2005. F.M.