Cyprus trade deficit approaches €3 bln

Cyprus’ trade deficit reached €2.96 billion for the period between January and May 2022, according to provisional data released by the Cyprus Statistical Service (Cystat) on Monday.

This represents an increase of approximately €300 million, with the trade deficit having stood at €2.26 billion in the corresponding period of 2021.

The total imports of goods, from both EU Member States and third countries, for the aforementioned period amounted to €4.47 billion, compared with €3,29 billion in the same period of 2021, reflecting an increase of 35.9 per cent.

The total exports of goods, again to both inside and outside the EU, between January and May 2022 reached €1.5 billion, compared to €1.02 billion in the corresponding period of the previous year, representing an increase of 46.7 per cent.

Furthermore, the total import of goods in May 2022 reached €1.15 billion, compared to €668.1 million in May 2021, recording an increase of 72.9 per cent.

Imports from other EU Member States in May 2022 reached €678.4 million, while imports from third countries amounted to €476.6 million, compared to €483.6 million and €184.5 million respectively in May 2021.

Imports in May 2022 include the transfer of economic ownership of vessels and aircraft, with this category reaching a total value of €196.8 million, compared to €77.6 million in May 2021.

Cyprus’ total exports of goods in May 2022 amounted to €418 million, compared to €227.3 million in May 2021, reflecting an increase of 83.9 per cent.

Exports to other EU Member States in May 2022 reached €103.6 million, while exports to third countries amounted to €314.4 million, compared to €70.9 million and €156.4 million respectively for the same month of the previous year.

Exports in May 2022 include the transfer of economic ownership of vessels and aircraft, which had a total value of €95.1 million, compared to €21 million in May 2021.

In addition, the Cyprus Statistical Service announced the release of the finalised data on Cyprus’ foreign trade figures for April 2022.

According to the report, total imports of goods, from both EU Member States and third countries, reached €843.1 million in April 2022, compared to €694.8 million in April 2021, representing an increase of 21.3 per cent.

Exports of domestically produced products, including stores and provisions, reached €136.2 million in April 2022, compared to €146.5 million in April 2021, recording a fall of 7 per cent.

Domestic exports of industrial products reached €120.1 million in April 2022, compared to €135.5 million in April 2021.

Moreover, domestic exports of agricultural products reached €13 million in April 2022, compared to €9.7 million in April 2021.

Exports of foreign products, including stores and provisions, reached €147.1 million in April 2022, compared to €95.6 million in April 2021, reflecting an increase of 53.9 per cent.