Cyprus Business Now

The trade deficit in the first five months of 2021 recorded an annual increase of 10.2 per cent, according to data released on Monday from the Statistical Service of Cyprus.

Total imports of goods (from EU Member States and from third countries) in January – May 2021 amounted to €3,256.9 million  compared with €2,956.5 million for the same period in the previous year.

Total exports of goods (to EU Member States and to third countries) in January – May 2021 fell 19.2 per cent. They were at €1,022.8 million compared with €1,265.8 million in the same period of 2020,

The total trade deficit widened to €2,234.1 million in January – May 2021 compared with €1,690.7 million in the corresponding period of 2020.

The European Union was the main source of supply of goods to Cyprus with a share of €2,103.1 million of total imports, while imports from all other European countries totalled €227.5 million in January – May 2021. Imports from the rest of the world amounted to €926.3 million.

For Cyprus, trade in services accounts for 56 per cent of total exports.

Cypriots will pay more by 38.17 per cent this month for electricity compared with August 2020, Philenews reported on Tuesday.

Much of the increase is due to the very hot weather, causing high demand for air conditioners, but the increased price of fuel also figures in the accounting. However some of the increase in the price of fuel was mitigated by cheaper fuel purchases made by the Cyprus Electric Authority during the pandemic.

Electric bills in July have reportedly been somewhat lower than those in the previous year, due to the cheaper fuel purchased before major price rises.

Based on Cyprus Electricity Authority data, the Mediterranean island’s electricity bills have almost gone back to the 2018 and 2019 levels, according to the report.