Trade deficit falls to €2bn in H1 2018 on strong exports

Cyprus’ trade deficit fell by €334.7m, or an annual 15%, in the first half of the year, to below €2bn on a strong increase in exports which more than offset rising imports, the statistical service said.

Total exports rose by €933.4m, to €2.4bn, or 62% compared to the respective period last year, Cystat said in a statement on Thursday. Imports rose by €598.7m, or 16% to €4.4bn.

Total exports in the first six months of 2018, excluding transport equipment such as aircraft and ships, rose by €323m, to €1.4bn, while imports rose by €390.4m, to €3.4bn.

In January to June, total exports to other European Union member states and third countries rose by €66.3m, to €602.5m and €867.1m, to €1.8bn respectively, Cystat said. Imports rose by €178.7m, to €2.6bn, and €420m, to €1.8bn respectively.

Source: Cyprus Mail