articles | 16 June 2014

Cyprus 2014 trade deficit remains at stable levels

Cyprus trade deficit reached in the first three months of 2014 €800 million, remaining stable compared with the corresponding period in 2013.

According to data released by Eurostat, the total value of exports of Cyprus was for the first three months of 2014 €300 million, unchanged compared to the same period in 2013. Imports, on the other hand, decreased by 2%, reaching €1.1 billion.

The EU28 trade surplus increased with the USA (+€23.9 billion in January-March 2014 compared with +€22.7 billion in January-March 2013), but decreased with Switzerland (+€13.9 billion compared with +€19.5 billion) and Turkey (+€4.7 billion compared with +€6.3 billion). The EU28 trade deficit fell with China (€33.0 billion compared with -€34.0 billion) and Russia (-€23.4 billion compared with -€26.0 billion) and remained stable with Norway (-€10.6 billion).

Concerning the total trade of Member States, the largest surplus was observed in Germany (+€48.6 billion in January-March 2014), followed by the Netherlands (+€15.9 billion), Ireland (+€7.9 billion) and Italy (+€6.9 billion). The United Kingdom (-€26.3 billion) registered the largest deficit, followed by France (-€18.8 billion), Spain (-€6.8 billion) and Greece (-€5.4 billion).

Source: Famagusta Gazette

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