Cyprus’ trade deficit increased by €1.53 billion during the first eight months of 2022, compared to the corresponding period from last year, exceeding €5 billion in total value, according to a report based on preliminary data by the Cyprus Statistical Service (Cystat).

The increase has been attributed to a sharp rise in imports, which rose by more than €2 billion in value when compared to the imports recorded in the same period of the previous year.

The trade deficit stood at €5.12 billion for the period between January and August 2022, compared to €3.58 billion in the corresponding period of 2021.

The total imports of goods, from both EU Member States and third countries, for the period between January and August 2022 reached €7,64 billion, compared to €5,54 billion for the same period last year, marking an increase of 37.7 per cent year-on-year.

Imports from third countries increased by approximately €1.18 billion and imports from EU Member States increased by approximately €910 million.

The total exports of goods, to both EU Member States and third countries, for the aforementioned period reached €2.52 billion, compared to €1,96 billion for the corresponding period in 2021, reflecting an increase of 28.5 per cent.

Furthermore, exports to third countries increased by €410 million, while exports to EU member states increased by €146 million.

Meanwhile, according to the report, total imports from third countries between January and August 2022 amounted to €3.08 billion, up from €1.90 billion in the corresponding period last year, while total exports amounted to €1.79 billion, from €1.38 billion previously.

The total imports from EU member states in the same period amounted to €4.55 billion, up from €3.64 billion during the same period in 2021, while total exports reached €724 million, up from €578 million.

In August 2022 alone, the total imports of goods reached €944 million, compared to €706.2 million in August 2021, recording an increase of 33.7 per cent.

Imports from other EU Member States in August 2022 reached €601.8 million, while imports from third countries stood at €342.2 million, compared to €458.8 million and €247.4 million respectively in August 2021.

Imports in August 2022 include the transfer of economic property of mobile transport equipment (vessels), totalling €88.5 million, compared to €118.4 million in August 2021.

What is more, the total exports of goods in August 2022 reached €254.3 million, compared to €283.8 million in August 2021, marking a decrease of 10.4 per cent.

Exports to other EU Member States in August 2022 stood at €76.7 million and to third countries €177.6 million, compared to €53.6 million and €230.2 million respectively in August 2021.

Exports in August 2022 include the transfer of economic property of mobile transport equipment (ships), with a total value of €19.7 million, compared to €96.3 million in August 2021.

Moreover, the total imports of goods, from both EU Member States and third countries, reached €1.03 billion in July 2022, compared to €782.3 million in July 2021, marking an increase of 32.1 per cent.

Exports of domestically produced goods, including ship and aircraft supplies, for July 2022 stood at €173.3 million, compared to €149.2 million in July 2021, registering an increase of 16.2 per cent.

The value of exports of industrial products amounted to €166.5 million in July 2022, compared to €143.3 million in July 2021, while the value of exports of agricultural products for the same month amounted to €5.3 million, compared with €4.5 million in July 2021.

Finally, the exports of foreign products, including ship and aircraft supplies, reached €243.6 million in July 2022, compared to €202.9 million in July 2021, marking an increase of 20.1 per cent.