Q1 trade deficit widens by 15% as ex­ports fall

Financial Mirror (Cyprus) - - FRONT PAGE -

The trade deficit widened by 15% to EUR 737.2 mln in in the first quar­ter of the year, com­pared to EUR 638.4 mln in the Jan­uaryMarch pe­riod of 2015, ac­cord­ing to the Sta­tis­ti­cal Ser­vice Cy­s­tat.

To­tal im­ports/ar­rivals dropped to EUR 1,107.1 mln from EUR 1,164 mln in Jan­uaryMarch 2015. The EU con­tin­ued to be the main sup­plier of goods to Cyprus, ac­count­ing for EUR 810.8 mln of to­tal im­ports/ar­rivals. Lead­ing sup­pli­ers within the Union were Greece with EUR 260.3mln, Ger­many with EUR 96.6mln, Italy with EUR 88.1mln, the United King­dom with EUR 80.6mln, France with EUR 51.3mln, Spain with EUR 47.0mln, Bel­gium with EUR 45.6mln and the Netherlands with EUR 45.2mln.

Im­ports from all other Euro­pean coun­tries to­taled EUR 51.2mln in Jan­uaryMarch, with Rus­sia with EUR 14.3mln, Switzer­land with EUR 12.9mln and Ukraine EUR 9.5mln.

Im­ports from the rest of the world amounted to EUR 245.1mln, with China at EUR 57.5mln, Is­rael EUR 38.3mln, Ja­pan with EUR 13.5mln, In­dia with EUR 12.1mln, the United States with EUR 11.8mln, Cuba with EUR 10.6mln, South Korea with EUR 6.7mln, Viet Nam EUR 8.7mln and Tai­wan with EUR 5.1mln.

To­tal ex­ports/dis­patches in Jan­uaryMarch fell to EUR 369.9 mln from EUR 525.6 mln in Jan­uary-March 2015.

The num­ber of tourists ex­pected to visit Cyprus this year will be close to 3 mln, ac­cord­ing to es­ti­mates, En­ergy, Trade and Tourism Min­is­ter Yior­gos Lakkotrypis told the House Com­mit­tee on Trade.

Ac­cord­ing to Lakkotrypis, oc­cu­pancy reached 100% in some ho­tels in June and noted that the tourist sea­son had to be pro­longed grad­u­ally, by a few weeks in March and Novem­ber, in or­der to reach the de­sired target.

“We are sat­is­fied with the re­sults in 2016, but the great chal­lenge is to sus­tain

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