Cyprus’ trade deficit grows by €1 billion

Cyprus’ trade shortage has ballooned by astir 1 cardinal euros this year, to €5.15 cardinal betwixt January and August, arsenic imports outpaced exports by a wide margin.

Cyprus Statistical Service (CyStat) information showed total imports jumped 14.2% to €8.88 billion, compared to €7.78 cardinal past year. Exports, meanwhile, roseate conscionable 2.8% to €3.73 billion.

Economists accidental the figures bespeak Cyprus’ continued dependence connected imports, from vehicles and machinery to user goods, arsenic well arsenic a notable summation successful vessel ownership transfers, which added tens of millions to August’s import total alone.

August proved peculiarly busy: Imports climbed 11.9%, while exports surged 82.7%, mostly owed to shipping-related transactions. Exports to non-EU countries much than doubled, from €217 cardinal to €457 million, showing some signs of diversification successful trade partners. Final July figures besides confirmed the trend, with imports up 19.4% and home exports, mostly concern products, rising 76.7%.

Still, the wide representation remains lopsided. Cyprus continues to devour much than it produces, leaving the system vulnerable to outer costs and terms swings.