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Cyprus’ trade deficit in January of this year amounted to €523.6 million, compared to €434.3 million in the corresponding month of 2021, according to data released on Tuesday by the Cyprus Statistical Office (Cystat).

The total imports of goods, from both EU Member States and third countries, in January 2022 reached €746 million in value, compared to €590.6 million in January 2021, representing an increase of 26.3 per cent.

Moreover, the total exports of goods, to both EU Member States and third countries, for January 2022 were €222.4 million compared to € 156.3 million for January 2021, an increase of 42.3 per cent.

In addition, the trade deficit stood at €523.6 million in January 2022, compared to €434.3 million in the corresponding month of 2021.

The European Union was the main source of supply of goods to Cyprus with a share of €520.8 million in total imports.

Imports from other European countries stood at €47.7 million in January 2022, while imports from the rest of the world amounted to €177.5 million.

Finally, exports to the European Union amounted to €70.7 million, while exports to other European countries and the rest of the world reached €22.5 million and €129.2 million respectively.


The annual earnings for some of Cyprus’ largest companies’ CEOs for 2021 were recently made public in each company’s respective filings to the Cyprus Stock Exchange.

According to the filings, Vassiliko Cement Works CEO Tony Antoniou earned €390,050; Demetra Holdings CEO Nearchos Ioannou earned €139,180; while KEO managing director Charalambos Panayiotou took home €262,000 in salary and €50,000 in bonuses.

In addition, in terms of insurance companies, Minerva Insurance CEO Marios Koutsokoumnis earned €308,291; Cosmos Insurance general manager Kyriakos Tyllis earned €72,875; while Atlantic Insurance managing director Emilios Pyrishis took home €117,000.


Deputy Minister of Tourism Savvas Perdios on Tuesday said that Cyprus’ tourist season has started with some positive signs, despite the adverse effects of the war in Ukraine and the resulting loss of the Russian market.

“Yes, we have said we cannot replace Russia’s 800,000 arrivals, but we can make up for a part of them, either from existing markets or from new markets, which we have been targeting during the past three years,” Perdios said in an interview with local outlet InBusiness.

“In general, Cyprus will see increased arrivals from all of its tourist markets this, aside from Ukraine and Russia,” he added.

Perdios also said that the goal set by the ministry, which is to improve upon the approximately two million arrivals recorded in 2021, is feasible.

Finally, the minister also said that arrivals during the first three months of 2022 amounted to 70 per cent of arrivals recorded during the corresponding period of 2019, which bodes well for the entirety of the year.

“If we see it in terms of pure numbers, this year has started off much better than the previous one,” Perdios said.


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