Cyprus’ trade deficit reached €6.17 billion in the period between January and October 2022, amid a wave of price increases following the war in Ukraine, exceeding the deficit of 2021 as a whole, which peaked at €5.24 billion.

According to preliminary data published this week by the Cyprus Statistical Service (Cystat), the total imports of goods, from both EU Member States and third countries, between January and October 2022 amounted to €9.38 billion, compared to €6.99 billion in the corresponding period from 2021, marking an increase of 34.3 per cent.

The total exports of goods experienced a 21.2 per cent increase, amounting to €3.2 billion, compared to €2.65 billion for the same period of the previous year.

Furthermore, the trade deficit stood at €6.17 billion for the period between January and October 2022, compared to €4.33 billion in the corresponding period of 2021, recording an increase of 42 per cent on an annual basis.

Moreover, according to the final figures for September, the total imports of goods, from both EU Member States and third countries, stood at €861.1 million in September 2022, compared to €643.7 million in September 2021, marking an increase of 33.8 per cent.

Exports of domestically produced goods, including ship and aircraft supplies, for September 2022 amounted to €105.3 million, compared to €104 million in September 2021, reflecting an increase of 1.3 per cent.

The value of exports of industrial products for September 2022 amounted to €99.1 million compared to €98.7 million in September 2021.

What is more, the value of exports of agricultural products for September 2022 amounted to €4.7 million, compared to €4.1 million in September 2021.

Finally, the exports of foreign products, including ship and aircraft supplies, for September 2022 reached €180.4 million, compared to €100.7 million in September 2021, an increase of 79.1 per cent.

The number of building permits issued in Cyprus experienced a fresh decline in September on an annual basis, with the construction sector being negatively affected by the wave of price increases.

According to a report from the Cyprus Statistical Service (Cystat), the number of building permits issued by municipal authorities and district administrations in September 2022 reached 670 compared to 761 in the corresponding period last year.

The total value of these licenses reached €226.9 million while the total area amounted to 202,800 square metres.

In addition, the aforementioned permits will result in the construction of 760 residential units.

During the period between January and September 2022, 5,701 building permits were issued, compared to 6,008 in the corresponding period of the previous year, marking a decrease of 5.1 per cent.

The total value of these licenses reached €1.85 billion, reflecting a decrease of 1 per cent, while the total area decreased by 7.2 per cent.

Moreover, the number of residential units experienced a decline of 4.9 per cent.

By district, the number of building permits issued in Nicosia in the period between January and September 2022 fell to 2,101 from 2,198 in the corresponding period last year.

What is more, building permits in Larnaca fell to 864 from 967, in Limassol to 1,645 from 1,688 and in Paphos building permits fell to 701 from 901 in the same period of 2021.

The only district where building permits recorded an increase in the first half of 2022 was Famagusta, where they stood at 304 permits, up from 254 in the corresponding period last year.

Building permits are an important indicator of future activity in the construction sector.

The Cyprus Stock Exchange (CSE) ended Tuesday, December 13 with marginal losses.

The general Cyprus Stock Market Index was at 89.46 points at 16:32 during the day, reflecting a drop of 0.06 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 53.90 points, representing a decrease of 0.02 per cent.

The total value of transactions came up to €68,088.

In terms of the sub-indexes, the main and investment firm indexes fell by 0.24 per cent and 0.38 per cent respectively. The hotel and alternative indexes rose by 0.09 per cent and 0.39 per cent respectively.

The biggest investment interest was attracted by the Bank of Cyprus (-0.28 per cent), Hellenic Bank (-0.72 per cent), Demetra (-0.41 per cent), and Vassiliko Cement Works Public Company (+2.38 per cent).