Cyprus trade deficit grows to €3.11 billion

Cyprus’ trade deficit reached €3.11 billion during the period of January to April 2023, according to the latest report released by the Cyprus Statistical Service (Cystat).

According to the available data, this figure represents a substantial increase compared to the trade deficit of €2.17 billion recorded during the same period from the previous year.

Moreover, the data shows a significant surge in total imports of goods for the January-April 2023 period, reaching €4.36 billion.

This marks a substantial 32 per cent rise compared to the €3.3 billion recorded for the same period in 2022.

On the other hand, the total exports of goods for the mentioned period amounted to €1.25 billion, representing an 11 per cent increase from €1.12 billion in January-April 2022.

Analysing the preliminary data for the month of April, it is evident that the total imports of goods reached €872.1 million, showcasing a 4 per cent increase compared to the €838.6 million recorded in April 2022.

In addition, imports from other European Union (EU) member states accounted for €538.1 million, while imports from third countries amounted to €334 million.

These numbers reflect a slight decline from April 2022 when imports from EU member states stood at €538 million, and imports from third countries amounted to €300.6 million.

It is worth mentioning that the imports in April 2023 included the transfer of economic ownership of mobile transport equipment, in reference to ships and other vessels, with a total value of €78.5 million, compared to €36.4 million in April 2022.

In contrast, the total exports of goods in April 2023 reached €302.1 million, representing an 8.3 per cent increase from €279 million in April 2022.

Among the exports, €77.5 million worth of goods were destined for other EU member states, while €224.6 million worth of goods were exported to third countries.

These figures demonstrate a significant increase compared to April 2022 when exports to EU member states amounted to €85.3 million and exports to third countries stood at €193.7 million.

Additionally, Cyprus’ exports in April 2023 included the transfer of economic ownership of vessels and ships, with a total value of €102.7 million, as opposed to €35.5 million in April 2022.

Meanwhile, the Cyprus Statistical Service also provided the final figures for external trade in March of this year.

The data demonstrated that the total imports of goods reached €1 billion in March 2023, indicating a 2.3 per cent increase over the €979 million recorded in March 2022.

Turning to exports, the report revealed that exports of domestically produced products, including ship and aircraft supplies, amounted to €163.4 million in March 2023, showcasing a 4.1 per cent increase from €157 million in March 2022.

What is more, the value of industrial product exports in March 2023 reached €152.3 million, while agricultural product exports stood at €10.1 million.

These numbers indicate growth compared to March 2022 when industrial product exports amounted to €146.4 million and agricultural product exports stood at €9.9 million.

Finally, in terms of exports of foreign products, including ship and aircraft supplies, the data showed a significant surge to €210.1 million in March 2023, marking a 25.5 per cent increase from €167.4 million in March 2022.