Cyprus trade deficit reached €7.1 billion in 2022

Cyprus’ trade deficit for 2022 amounted to €7.1 billion, according to a report released this week by the Cyprus Statistical Service (Cystat).

The report revealed that the main trading partner for Cyprus in 2022, in terms of imports, was Greece, while the main trading partner for exports of domestic products was Lebanon.

Total imports of goods, from EU Member States and from third countries, for 2022 amounted to €11.29 billion.

The total exports of goods, again, both to EU Member States and to third countries, reached €4.18 billion.

The share of intra-EU imports in 2022 decreased to 60.8 per cent compared to 65.1 per cent in 2021, while the share of imports from third countries increased to 39.2 per cent compared to 34.9 per cent in 2021.

Intra-EU exports decreased to 26 per cent in 2022 compared to 27.4 per cent in 2021, while exports to third countries reached 74 per cent in 2022, compared to 72.6 per cent in 2021.

Moreover, the report showed that domestic product exports accounted for 39.6 per cent of total exports, a decrease from 42.9 per cent in 2021.

The main trading partners for Cyprus in 2022, in terms of imports, were Greece (€2.64 billion), Italy (€1.18 billion), China (€898.2 million), Israel (€835.9 million), and Germany (€600.5 million).

Meanwhile, the main trading partners for domestic product exports were Lebanon (€287.3 million), the United Kingdom (€204.8 million), Greece (€121.0 million), and Israel (€81.6 million).

The main products imported into Cyprus in 2022 were fossil fuels and oils (€2.62 billion), ships (€1.3 billion), electrical machines, devices, and materials (€630.4 million), cars, other vehicles, and parts (€626 million), as well as other machines, boilers, devices, and their parts (€580.9 million).

Regarding the share of domestic product exports in total exports, this reached 39.6 per cent in 2022, compared to 42.9 per cent in 2021.

The main share of imports for local consumption, in terms of economic destination, was consumer goods, accounting for 29.2 per cent, followed by intermediate goods and raw materials, such as grains and building iron, with 28.3 per cent, followed by transport equipment with 21.4 per cent.

Industrial products of manufacturing origin, constituted the main part of exports of products of domestic origin, with a share of 38.9 per cent, followed by industrial products of mineral origin at 32.5 per cent and industrial products of agricultural origin at 22.6 per cent.

Overall, the report showed that Cyprus continues to have a significant trade deficit, with a high proportion of imports coming from Greece and exports of domestic products mainly going to Lebanon.

The main products imported into Cyprus were fossil fuels and oils, ships, and electrical machines, while the main products of domestic origin exported from Cyprus were fossil fuels and oils, pharmaceutical products, and halloumi.

The report provides valuable information on the state of the country’s economy and its trading relationships with other countries.