Cyprus’ annual trade deficit widened appreciably in the first three months of 2019 rising by €360.7 million on the back of declining exports.
Official data shows that the trade deficit was €1.04 billion in January-March 2019 compared to €685.1 million in the same three-month period of 2018.
Total imports in January-March were valued at €1.97 billion from €1.96 billion in the same quarter last year, while total exports declined to €930.5 million from €1.27 billion in 2018.
Last year’s trade surplus of €153 million in March turned into a deficit of €386.1 million one year on.
In March 2019, total imports were valued at €598.8 million from €729.9 million in March 2018, while total exports, including stores and provisions, crashed to €212.7 million from €882.9 million.
Exports of domestically produced goods, including stores and provisions in March fell to €90.9 million from €109.0 million in March 2018 whilst exports of foreign goods declined sharply to €121.8 million from €773.9 million.
Source: Financial Mirror