Cyprus Business Now

Cyprus’ trade deficit in February amounted to €429 million, according to the finalised trade published by the Cyprus Statistical Service (Cystat) on Tuesday.

In addition, the trade deficit in March 2022 reached €729 million.

The total imports of goods from both EU Member States and third countries reached €727.6 million in February 2022, compared to €744.2 million in February 2021, a drop of 2.2 per cent.

At the same time, an increase of 37.3 per cent was recorded in exports of domestically produced products, including ship and aircraft supplies.

These reached €151.3 million in February compared to €110.2 million in February 2021.

The value of exports of industrial products for February 2022 amounted to €142.1 million, compared to €102.1 million in February 2021.

Moreover, the value of exports of agricultural products for February 2022 amounted to €8.1 million, compared to €6.9 million in February 2021.

Meanwhile, the exports of foreign products increased by 112.9 per cent, including ship and aircraft supplies, for February 2022, to reach €147.3 million, compared to €69.2 million in February 2021.

In addition, the preliminary data on foreign trade in March was also released on Tuesday.

The data shows that the total imports of goods increased by 67.3 per cent, reaching €998.1 million, compared to €596.5 million in March 2021.

Imports from other EU Member States in March 2022 totalled €594.7 million, while imports from third countries reached €403.5 million, compared to €413.5 million and €183.0 million respectively in March 2021.

Imports in March 2022 include the transfer of financial ownership of ships, with a total value of €159.2 million, compared to €27.7 million in March 2021.

Furthermore, the total exports of goods in March 2022 reached €268.6 million compared to €223.4 million in March 2021, recording an increase of 20.3 per cent.

Exports to other EU Member States and third countries in March 2022 amounted to €82.6 million and €186 million respectively, compared to €70.2 million and €153.1 million in March 2021.

Exports in March 2022 include the transfer of financial ownership of ships and aircraft, with a total value of €29.9 million, compared to €45.4 million in March 2021.

The total imports of goods from EU Member States and third countries for the period between January and March 2022 reached €2.47 billion, compared to €1.93 billion for the corresponding period in 2021, reflecting an increase of 28.1 per cent.

Finally, the total exports of goods to EU Member States and third countries for the period between January and March 2022 reached €789.7 million, compared to €559 million for the same period during the previous year, representing an increase of 41.3 per cent.

The trade deficit stood at €1.68 billion for the period between January and March 2022, compared to €1.37 billion during the corresponding period of 2021.

The Famagusta Chamber of Commerce and Industry (Evea) on Tuesday said that the upcoming Famagusta Business Forum will include a discussion on investment prospects by Greek and Cypriot government representatives.

The event will take place on Thursday, May 12, at the Event Centre of the Ayia Napa Marina.

“Cyprus is gaining ground as a regional business centre, with the number of major companies who choose to invest in our country increasing, thus demonstrating the economic and business stability on the island,” Evea said in a statement.

“The dynamic development of the Cypriot economy, the geostrategic position of Cyprus and the easy access it offers to both the EU market and the markets of the Middle East and Asia, as well as the human talent it has, make our country an attractive destination,” the chamber added.

The chamber also explained that business community stakeholders, along with the aforementioned government representatives, will discuss the challenges currently facing the business world, along with future opportunities.

The forum is being held in collaboration with the Piraeus Chamber of Commerce and Industry (Evep).

The Cyprus Stock Exchange (CSE) ended Tuesday, May 10 with losses.

The main Cyprus Stock Market Index was at 68.73 points at 13:18 during the day, reflecting a drop of 0.35 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 41.31 points, which represents a decrease of 0.36 per cent.

The total value of transactions came up to €34,039.

In terms of the sub-indexes, the main and investment firm indexes fell by 1.08 per cent and 1.95 per cent respectively.

Conversely, the alternative and hotel indexes rose by 0.61 per cent and 0.14 per cent correspondingly.

The biggest investment interest was attracted by the Bank of Cyprus (no change), the Cyprus Cement Company (+2.4 per cent), Logicom (-1.04 per cent), Hellenic Bank (-1.75 per cent) and Demetra Holdings (-2.11 per cent).