Cyprus has recorded a significant fall in imports and exports for April and May 2020, according to new figures from the Statistical Service of Cyprus.

Total imports of goods from EU member states and from third countries were €462.3 million in May, a dip of 36.4 per cent compared with the €726.8 million seen in the same month last year.

Meanwhile, exports of domestically produced products in April were down by 29.6 per cent to €90.3 million, the Cyprus Mail reports.

Total exports in May were recorded as €273.9 million, slightly less than the €294.3 million seen in May 2019.

This resulted in a trade deficit of €1.7 million for January to May 2020 compared with the €1.9 million recorded in the same period last year.

According to Mondaq, Cypriot government forecasts suggest the COVID-19 pandemic will result in a seven per cent reduction in GDP, with the general consensus being that the nation has performed well in containing the virus and safeguarding the economy.

Part of this has been attributed to Cyprus classing the crews of its cargo ships as key workers and therefore ensuring they have been able to change shifts within Cypriot ports, as long as they do not disembark for any other reason.