Cyprus trade deficit increase nears €2 bln

Cyprus’ trade deficit reached €6.82 billion in the period between January and November 2022, compared to €4.91 billion in the corresponding period last year, according to preliminary data published this week by the Cyprus Statistical Service (Cystat).

According to the data, the total imports of goods between January and November 2022 reached €10.37 billion, compared to €7.92 billion for the same period in 2021, marking an increase of 30.9 per cent.

In addition, the total exports of goods between January and November 2022 recorded an increase of 17.8 per cent year-on-year, amounting to €3.55 billion, compared to €3.02 billion in the corresponding period of the previous year.

Based on the report, the total imports of goods in November 2022 amounted to €983.5 million, compared to €937.1 million in November 2021, registering an increase of 5 per cent.

Imports from other EU Member States stood at €575.5 million and from third countries €408.0 million, compared to €525.5 million and €411.6 million respectively in November 2021.

Imports in November 2022 include the transfer of financial ownership of mobile transport equipment (ships), totalling €153.3 million, compared to €157.8 million in November 2021.

The total exports of goods in November 2022 experienced a decrease of 14.2 per cent, which amounted to €317.3 million, compared to €369.6 million in November 2021.

Exports to other EU Member States amounted to €76.8 million and to third countries €240.5 million, compared to €101.0 million and €268.6 million respectively in November 2021.

Exports in November 2022 include the transfer of economic property of mobile transport equipment (ships), totalling €132.6 million, compared to €148.4 million in November 2021.

Moreover, based on the final figures for October, total goods imports amounted to €910.0 million, compared to €723.4 million in October 2021, reflecting an increase of 25.8 per cent.

Exports of domestically produced goods, including ship and aircraft supplies, for October 2022, amounted to €163.2 million, compared to €100.6 million in October 2021, registering an increase of 62.2 per cent.