Cyprus posts sharp decline in exports

Cyprus posts sharp decline in exports

Cyprus saw its trade deficit grow in May, largely due to a significant drop in exports and a slight increase in imports, according to data from the Cyprus Statistical Service (CyStat). The trade deficit for May was 693.4 million euros, up from €578.2 million in May 2023.

Imports in May totaled €1.03 billion, a 3.2% increase from €1 billion in May 2023.

Imports from fellow-EU countries reached €611.4 million, up from €594 million the previous year. Imports from non-EU countries also rose to €420.4 million, compared to €406 million in May 2023. Notably, the transfer of ownership of ships significantly boosted import figures, with vessels valued at €77 million against €34.6 million in May last year.

On the flip side, exports in May plummeted by 19.8%, totaling €338.4 million, from €421.8 million in May 2023. Exports to EU countries dropped to €89.8 million from €101.3 million, and exports to non-EU countries fell to €248.6 million from €320.5 million. The value of ship transfers in exports also decreased, with €68.6 million in May compared to €100.8 million in May 2023.

In the year to end-May imports declined 14.4% year-on-year, while exports shrank 9.5%.

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