Trade deficit widens in October 2017

Trade deficit was significantly widened in October 2017 compared to the corresponding month of 2016, mainly due to the significant increase in imports, according to data released on Tuesday by the Cyprus Statistical Service.

In particular, the trade deficit in October 2017 was 703 million compared to 275 million in October 2016.
 
During October 2017 total imports (covering total imports from third countries and from EU Member States) valued at €884.9 mn as compared to €493.5 mn in October 2016.

Total exports (covering total exports to third countries and to EU Member States), including stores and provisions, in October 2017 amounted to €181.9 mn as compared to €218.5 mn in October 2016.
 
Exports of domestically produced goods, including stores and provisions in October 2017 were €96.5 mn as compared to €113.7 mn in October 2016 whilst exports of foreign goods, including stores and provisions, in October 2017 were €85.4 mn as compared to €104.8 mn in October 2016. Total domestic exports of industrial products in October 2017 were €91.2 mn compared to €107.2 mn in October 2016. Total domestic exports of agricultural products in October 2017 were €3.9 mn compared to €4.3 mn in October 2016.

The trade deficit for the period January-October 2017 was €3,868.5 compared to €3,278.4 mn in the corresponding period of 2016.

Total imports (covering total imports from third countries and from EU Member States) in January-October 2017 amounted to €6,319.3 mn as compared to €5,578.7 mn in January-October 2016. Total exports (covering total exports to third countries and to EU Member States) in January-October 2017 were €2,450.8 mn compared to €2,300.3 mn in January-October 2016.
 
On the basis of preliminary estimates for Foreign Trade of Cyprus in November 2017, total imports were €1,006.4 mn, of which €447.1 mn were imports from other Member States of E.U. and €559.3 mn imports from Third Countries. Total exports were €229.7 mn of which €85.5 mn were exports to other Member States of E.U. and €144.2 mn exports to Third Countries.