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Report says TC trade deficit narrows

By Esra Aygin

The Turkish Cypriot trade deficit was reduced by some $200 million in 2015 to $1.3 billion, according to a report released by the Turkish Cypriot banking authority. The trade deficit in 2014 was about $1.5bn.

Exports from the northern part of Cyprus totalled $109,768,534 ($109.8m), while imports amounted to $1,396,928 ($1.4bn). By comparison, exports from the south, including re-exports, reached €1.1bn in 2015, while imports for domestic consumption amounted to €5.5bn.

The figures do not include trade with the southern part of the island in the context of the Green Line Regulation, nor the fuel imports of the northern part of Cyprus, which amounted to $113.5m in 2015.

Turkey was once again the main source of imports to the northern part of Cyprus in 2015. Imports from Turkey accounted for 66.7% of imports. Imports from the EU accounted for 17.6% of imports.

According to export figures available only for January-August 2015, exports to Turkey accounted for 57.8% of the total, while exports to EU countries were just 2.8% of total exports.

Meanwhile, figures on Green Line trade show that €3.93m-worth of goods were traded from north to south in 2015, just a little higher than the €3.91m recorded in 2014.

Under the EU’s Green Line regulation, only a narrow range of goods may be sold from northern Cyprus to the south.

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