Cyprus trade deficit soared by €1 billion in first two months of 2023

Cyprus’ trade deficit increased by approximately €1 billion during the first two months of the year, compared to the same period last year, according to a report released this week by the Cyprus Statistical Service (Cystat).

According to the report, this sharp rise has been primarily attributed to a significant increase in imports, which rose by 66.3 per cent year-on-year during this two-month period. January in particular saw a whopping increase of 127 per cent.

The total trade deficit for the period between January and February 2023 was €1.9 billion, compared to €964.1 million in the same period of 2022. This represents the highest trade deficit for the January-February period historically.

Moreover, in the same period, the total imports of goods for January-February stood at €2.5 billion, an increase of 66.3 per cent compared to €1.5 billion in January-February 2022.

Meanwhile, the total exports of goods for January-February 2023 stood at €546.6 million, an increase of 4.5 per cent compared to €523.3 million in January-February 2022.

What is more, the report noted that the trade deficit amounted to €530.9 million in February 2023, compared to €435.37 million in February 2022.

The total imports of goods in February 2023 amounted to €762 million, an increase of 3.5 per cent compared to €736.3 million in February 2022.

Imports from other EU Member States stood at €527.1 million, while imports from third countries amounted to €234.9 million, compared to €461.4 million and €274.8 million, respectively, in February 2022.

Cyprus’ imports in February 2023 included the transfer of economic property of mobile transport equipment (vessels), amounting to €56.8 million compared to €64.5 million in February 2022.

Furthermore, the total exports of goods in February 2023 were €231.1 million, a decrease of 23.2 per cent compared to €300.9 million in February 2022.

Exports to other EU Member States amounted to €62.7 million, while exports to third countries reached €168.3 million, compared to €68.8 million and €232.1 million, respectively, in February 2022.

Cyprus’ exports in February 2023 included the transfer of economic property of mobile transport equipment (vessels), with a total value of €60.2 million compared to €70.6 million in February 2022.

Additionally, according to the finalised data for January 2023, the total value of goods imported reached €1.7 billion, compared to €751.2 million in January 2022, marking an increase of 127.9 per cent.

Meanwhile, total exports amounted to €315.55 million in January 2023, compared to €222.39 million in January 2022.

The report also noted that the exports of domestically produced products, including ship and aeroplane supplies, reached €140.1 million in January 2023, marking an increase of 38.3 per cent compared to €101.3 million in January 2022.

The value of exports of industrial products for January 2023 amounted to €132 million, compared to €93.5 million in January 2022, while the value of exports of agricultural products for January 2023 amounted to €7.3 million, compared to €6.7 million in January 2022.

Finally, the exports of foreign products, including ship and aircraft supplies, for January 2023, stood at €175.5 million, an increase of 44.9 per cent compared to €121.1 million in January 2022.