Cyprus trade deficit increases by €1.5 bln

Cyprus’ trade deficit stood at €5.12 billion at the end of the period between January and August 2022, compared to €3.63 billion in the corresponding period of 2021, according to a report published on Monday by the Cyprus Statistical Service (Cystat).

According to the report, Cyprus’ total imports of goods from both EU Member States and third countries between January and August 2022 amounted to €7.65 billion, compared to €5.62 billion in the same period of 2021, reflecting a rise of 36 per cent.

Moreover, the total exports of goods to EU Member States and to third countries during this period reached €2.52 billion, compared to €1.98 billion in the same period of 2021, marking an increase of 27 per cent.

What is more, the European Union was the main source of supply of goods to Cyprus with a share of €4.5 billion of total imports.

In addition, imports from all other European countries amounted to €715.1 million during the aforementioned period, while imports from the rest of the world amounted to €2.37 billion.

Exports to the European Union accounted for €726.5 million of Cyprus’ exports, while exports to all other European countries reached €273 million in value.

Finally, exports to the rest of the world between January and August 2022 amounted to €1.52 billion.