Cyprus' trade balance deficit reached 1.1 bn Euros
by Nicos Bellos
Brussels, Jun 20 (CNA) -- Cyprus? trade balance deficit reached in the first quarter of 2006 1.1 billion Euros, according to data by the Statistical Office of the European Communities (Eurostat).
The data shows that the total value of Cyprus? exports reached 300 million Euros, which indicates an increase of 15% compared to the same period in 2005, while imports show increase of 19%, reaching 1.3 billion Euros.
In the first quarter of 2006, imports to the European Community from Russia, Norway and China, showed an increase.
Imports from Russia were increased by 47% reaching 34.4 billion Euros, while imports from Norway increased by 41% and reached 20.8 billion Euros.
Imports from China reached 43.5 billion Euros (increase 28%) and imports from the US increased by 15% amounting 43.9 billion Euros.
During the examined period, the Community exports to China reached 14.3 billion Euros (29% increase), to Russia 14.6 billion Euros (increase 27%) and to the USA 65.7 billion Euros (increase 16%).
The EU trade balance showed surplus of 21.8 billion Euros in its transactions with the USA, and deficit of 29.2 billion and 19.8 billion Euros with China and Russia respectively.
Finally, the Community?s exports and imports towards and from Turkey showed an important increase.
EU exports to Turkey reached 10.9 billion Euros (increase 27%), while imports from Turkey amounted 9.2 billion Euros (increase 14%).
According to Eurostat, taking goods and services together,the EU25 and the USA account for the largest bilateral trade relationship in the world.
The significant amount of bilateral trade and investment illustrates a high degree of interdependence of the two economies.