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July foreign trade soars

24/10/2003 16:47
According to CYSTAT data released on Friday, foreign trade for July has showed an increase, boosting forecasts that the Cyprus economy is recovering for the second half of 2003. Specifically, imports for July increased 25% to £265 million compared to the corresponding period of 2002, while exports rose 4.3% to £49 million. Trade deficit has, therefore, soared £216 million for July and has showed an increase of 6.2% compared to the corresponding period of 2002.

July was the second consecutive month that exports have showed an increase compared to 2002, while the increase in July imports was the first since March.

Jan-Jul

The increased imports for July have shot trade deficit for January-July to £1.1 billion, compared to £1.2 billion in the corresponding period of 2002 (-6.2%). For the same period, imports dropped 6.1% to £1.4 billion, while exports fell 5.4% to £296 million.