Insider Economy Trade deficit declines in first two months as exports to EU rise...

Trade deficit declines in first two months as exports to EU rise significantly

Cyprus trade deficit recorded a significant drop in the first two months of the year, as exports rose significantly by €300 mln, compared to the same period last year.

Preliminary estimates on Cyprus’ foreign trade in February 2019, announced on Tuesday by the Statistical Service, showed that the trade deficit in January and February was down to €656.98 mln, compared with €838.06 mln in the same months last year.

Imports rose to €1.36 bln in the first two months of 2019, from €1.23 bln in the same period of 2018, while exports soared to €706.53 mln, compared with €395.88 mln between January and February 2018, as a result of a steep increase in exports to other EU member states, that rose to €515.25 mln, from €167.45 mln in the same months last year.

Furthermore, the Statistical Service estimated that in February total imports declined to €552.3 mln from €612.1 mln in February 2018.

Imports from other EU Member States in February 2019 fell to €407.4 mln from €411.7 mln in the same month of the previous year. Imports from third countries also fell to €144.9 mln compared with €200.4 mln in February 2018.

Total exports in February 2019 dropped to €172.9 mln compared with €190.4 mln in February 2018.

Exports to other EU Member States in February 2019 stood at €76.2 mln compared with €78 mln in February 2018. Exports to Third Countries in February 2019 declined to €96.7 mln from €112.4 mln in the same month of 2018.

(Cyprus News Agency)

Top Stories

Ten new corona virus cases detected out of 2,619 tests

According to the Epidemiological Surveillance Unit of the Ministry of Health 10 new cases of the SARS-CoV-II virus were detected out of a total...

Fine of €6,500 in a bar in Paphos for violating decrees

The Paphos District Court imposed a fine of €6,500 on Monday, on a property owner for violating the decree of the Law on Disinfection. Specifically,...

Toxic chemicals removed from site of accident in Nikou Pattichi St.

Fire Service members on Monday morning rushed to the busy Nicos and Despinas Pattichi Avenue in central Limassol where a barrel in a van...

Cyprus and Russia agree to amend Double Tax Treaty

Cyprus and Russia agreed on Monday to amend the Cyprus-Russia Double Tax Treaty, as Minister of Finance Constantinos Petrides wrote in a post on...

Greek Foreign Ministry calls on Turkey to stop its illegal actions

The Greek Foreign Ministry sent a clear message that Greece will defend it sovereignty and its sovereign rights and called on Turkey to immediately...

Taste

Octopus ‘Kathisto’ (or Octopus braised in Wine)

Ingredients: 1/2 cup Greek extra virgin olive oil 2 medium onions, chopped fine 1 large octopus, about 2kg (cleaned and kept whole) 3/4 cup dry red wine 1/3 cup...

Homemade lemonade

Ingredients: 1 cup lemon juice 1 cup sugar Method: Thoroughly wash the lemons with soap and warm water. Roll each lemon with the palm of your hand, pressing...

‘Striftaria’ mini cheese pies

Ingredients 1 ½ cup milk 2 tbsps. flour 4 tsps. of butter 3 eggs, slightly beaten + 1 extra with 1 tbs. of milk for spreading 1 pack of...

Mini potato canapes baked on salt

Ingredients Serves: 12 1kg small Cypriot potatoes rock salt, as needed 250g salted butter 300ml full fat cremé frâiche 1 pot cod or salmon roe Method Prep:20min › Cook:35min › Ready in:55min Take...