Cyprus trade deficit increases further

Cyprus’ trade deficit increased by €1.12 billion during the first half of 2022, when compared to the corresponding period of the previous year, according to data released on Tuesday by the Cyprus Statistical Service.

This has been primarily attributed to a sharp rise in imports amounting to €1.6 billion.

The trade deficit reached €3.86 billion for the first half of the current year, compared to €2.73 billion in the corresponding period of 2021.

Based on preliminary data, total imports of goods, from both EU Member States and third countries, between January and June 2022 amounted to €5.6 billion, compared to €4.05 billion for the same period in 2021, reflecting an increase of 39.5 per cent year-on-year.

Total exports of goods (to EU Member States and third countries) for the period January – June 2022 were €1,803.8 million compared to €1,325.0 million for the period January – June 2021, an increase of 36, 1 per cent.

In addition, in June 2022, according to preliminary data, imports of goods rose by 56.1 per cent, while exports fell by 1.5 per cent.

Specifically, the total imports of goods stood at €1.19 billion, compared to €765.7 million in June 2021, recording an increase of 56.1 per cent.

Imports from other EU Member States in June 2022 reached €570.9 million and from third countries €624.6 million, compared to €486.2 million and €279.5 million respectively in June 2021.

Imports in June 2022 include the transfer of economic property of ships and aircraft, with a total value of €364.9 million, compared to €113.4 million in June 2021.

Moreover, the total exports of goods in June 2022 reached €292.1 million compared to €296.6 million in June 2021, marking a decrease of 1.5 per cent.

Exports to other EU Member States in June 2022 reached €105.7 million and to third countries €186.4 million, compared to €84.2 million and €212.4 million respectively in June 2021.

Exports in June 2022 include the transfer of ships and aircraft, with a total value of €39.3 million, compared to €80.5 million in June 2021.

Meanwhile, according to the final figures for Cyprus’ foreign trade in May 2022, there was a significant increase both in imports from EU countries and third countries, as well as in exports of both products produced in Cyprus and products produced abroad.

In May 2022, total imports, from the EU and third countries, reached €1.15 billion, compared to €668.1 billion in May 2021, recording an increase of 72.5 per cent year-on-year.

Exports of Cypriot-made products, including stores and supplies, in May 2022 stood at €209.3 million, compared to €125.6 million in the corresponding month of 2021, an increase of 66.6 per cent year-on-year.

Of these, exports of industrial products reached €195.5 million, compared to €111.7 million in 2021, while exports of agricultural products reached €12.9 million, compared to €12.3 million in 2021.

Finally, exports of foreign products reached €210 million, compared to €101.7 in May 2021, recording an increase of 106.5 per cent year-on-year.