According to Cystat, by the first half of this year, Cyprus's trade deficit decreased by 334,7 million euros or by 15% on an annualized basis. Against the backdrop of export growth, Cyprus's trade deficit reached a mark below 2 billion euros.
The Cyprus Department of Statistics also said that during this period, the volume of exports increased significantly, which more than compensated for the growth of imports.
Total exports of the Republic of Cyprus increased by 933,4 million euros or by 62% compared to the corresponding period last year. Thus, the volume of exports for the first half of the year 2018 amounted to 2,4 billion euros.
Import grew by 598,7 million euros, or by 16% (to 4,4 billion euros).
The total volume of exports for the first six months of the year 2018 excluding vehicles classified as aircraft and vessels increased by 323 million euros and reached the level of 1,4 billion euros, while imports increased by 390,4 million euros and amounted to 3,4 billion euros.
In January-June 2018, the total exports to other EU member states increased by 66,3 million euros, which is estimated at 602,5 million euros; in third countries - 867,1 million euros and 1,8 billion euros, respectively.
Import of goods in comparison with the last year increased by 178,7 million euro (2,6 billion euro) and by 420 million euro (1,8 billion euros), respectively.