Local
articles | 21 May 2015

Cyprus exports soar 67% in Jan-Feb 2015

Exports of goods from Cyprus soared by 67.1% over earlier in January-February 2015, as the sale of transport equipment boosted numbers.

Total exports/dispatches in January-February 2015 rose to €363.2 million compared with €217.4m in January-February 2014. Total exports/dispatches include exports to non-EU countries and dispatches to other Member States.

The main reason for the large increase seems to be sale of vehicles, aircraft, vessels and associated transport equipment, which rose to €165.1m in the first two months of the year compared with just €6m in the same period of 2014.

Given the size of the transaction one can assume that it was the sale of a ship.

A little more digging reveals that this sale must have been to Ireland, as exports to this country reached €158.8m in the first two months of the year compared with just €744,000 in the same period of 2014.

Total imports/arrivals in the first two months of the year rose to €731.8m compared with €728.1m in January-February 2014. With such a big increase in exports, the Cyprus trade deficit shrank to €368.6m compared with €510.6m in the corresponding period of 2014.

The big increase in exports could also explain the fact that Cyprus recorded growth for the first time in nearly four years during the first quarter of this year.

Source: InCyprus

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