Trade gap widens to €5.1bn in 2017, hits post-crisis record

Cyprus’ trade deficit widened in 2017 an annual 17%, or €727.3m, to €5.1bn, the highest since 2010 mainly on increased imports, the statistical service said.

Total imports rose 13% last year to over €8bn, while total exports rose 7% to €2.9bn, Cystat said in a statement on its website on Friday.

Excluding the import and export of transport equipment such as ships and aircraft, total imports and exports rose 17% last year, to €6.1bn, and 19%, to €2.1bn respectively, Cystat said.

Imports from other European Union member states rose 1% in 2017, to €4.7bn, while total exports dropped 18%, to €1.1bn, Cystat added. Imports from third countries rose 36% to, €3.3bn and exports 30%, to €1.8bn.

Source: Cyprus Mail