Trade deficit ex­pands to € 3.1 bln as ex­ports fall

Financial Mirror (Cyprus) - - FRONT PAGE -

Cyprus ex­ports of goods in the first ten months of 2014 shrank by about EUR 100 mln to EUR 1.2 bln from the same pe­riod in 2013, with the EUR 4.3 bln in im­ports re­sult­ing in the trade deficit for Jan­uary to Oc­to­ber grow­ing to EUR 3.1 bln.

The EU sta­tis­ti­cal ser­vice Euro­stat re­ported that the first es­ti­mate for the euro area trade with the rest of the world in Novem­ber 2014 recorded a EUR 20 bln sur­plus, up from a sur­plus of 16.5 bln in Novem­ber 2013. The big­gest rise in EU28 ex­ports were regis­tered with China (+11% in Jan­uary-Oc­to­ber 2014 com­pared with Jan-Oct 2013), South Korea (+10%) and the United States (+6%), and for EU28 im­ports with South Korea (+9%), China (+8%) and Turkey (+7%).

As re­gards the to­tal trade of EU mem­ber states, the largest sur­plus was in Ger­many (EUR 183.6 bln), fol­lowed by the Nether­lands (50.6 bln), Italy (33.6 bln), Ire­land (29.2 bln) and the Czech Repub­lic (14.1 bln). The United King­dom regis­tered the largest deficit of -EUR 114.5 bln, fol­lowed by France (-60.5 bln), Spain (-21.5 bln) and Greece (-17.4 bln).

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