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Oct exports drop

12/01/2004 14:51
Cyprus exports for October have reported a significant drop of 8%, reflecting the economic downturn in Europe. On the other hand, imports have showed an increase of 10%, attributable to the improvement of the domestic consumption climate.

According to CYSTAT preliminary data released on Monday, exports for October dropped to £39 million (2002: £42.5mln), while imports stood at £206 million (2002: £188 million).

For January-October 2003, exports reached £408 million against £436 million in 2002 (-6%), while imports fell to £1,912 million against £2,040. Trade deficit dropped to £1.5 billion.

58% of the Cyprus goods is absorbed by the EU countries. Europe’s largest economies, France and Germany have shrunk for the third quarter of 2003.

55% of the Cyprus’ imports are supplied by the 15 EU member states.