Local
articles | 21 September 2016

Cyprus' trade deficit grows 43% during H1 2016

The country’s trade deficit grew 43% to reach €2.2 billion during the period January-June 2016, up from €1.54 billion during the same period in 2015, according to data from the Statistical Service.

Total imports during the first half of 2016 increased by €454 million and reached €2.99 billion compared to €2.55 billion during the same period in 2015.

EU imports reached €2.33 billion of which €760 million were German imports, €564 million were Greek, €184 million were imports from Italy, and €174 million from the United Kingdom.

Imports from the rest of the world reached €580 million, of which €121 million were imports from China, €98 million from Israel, €31 million from India, and €28 million imports from USA.

Total exports reached €792 million, a €211 million decrease compared to €1 billion during the same period in 2015.

Exports to EU countries reached €346 million, of which €110 million were exports to Greece, €74 million to the UK, and €24 million to Slovakia.

Meanwhile, exports to the near and Middle East reached €122 million, while exports to other Asian countries reached €68 million.

The most valuable export for Cyprus was in pharmaceuticals at €108 million during the first half of 2016. The second most valuable export was halloumi cheese, with exports valued at €71 million, a 20.5% increase compared to the same period in 2015.

Source: InCyprus

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