Trade deficit drops in August as imports decline and exports rise

The trade deficit of Cyprus dropped by €14,5 mn in August, to €353,9 mn as exports rose and imports declined, compared with August 2017.

The Statistical Service of Cyprus reported on Wednesday that in August 2018, total imports dropped to €618,6 mn as compared to €622,7 mn in August 2017. Imports from other EU member states were down to €364,2 mn in the eighth month of the year from €365,1 mn in August 2017. Imports from third countries also dropped to €254,3 mn compared with €257,6 mn in the same month of 2017.

Total exports in August 2018 rose to €264,7 mn as compared with €254,3 mn in August 2017. Exports to other EU member states in August 2018 were €70,5 mn as compared to €132,0 mn in August 2017. Exports to third countries increased to €194,2 mn from €122,4 mn in August 2017.

Total imports in August 2018 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €1,0 mn. as compared to €113,4 mn in August 2017. Total exports in August 2018 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €21,1 mn. as compared to €89,6 mn in August 2017.

source: CNA