Cyprus trade deficit widens to €3.73 billion in first half of 2023

Cyprus’ trade deficit grew by €824 million in the first half of 2023, compared to the same period last year, reaching €3.73 billion, primarily due to a significant increase of 19.8 per cent in imports.

According to the state’s statistical service, the trade deficit for January-May 2023 amounted to €3.73 billion, compared to €2.9 billion during the corresponding period in 2022.

Total imports of goods for the January-May 2023 period reached €5.35 billion, compared to €4.47 billion for January-May 2022, representing a 19.8 per cent increase.

Meanwhile, total exports of goods for the January-May 2023 period amounted to €1.62 billion, compared to €1.56 billion for the same period in 2022, indicating a 3.9 per cent rise.

In May 2023, total imports of goods amounted to €974.5 million, compared to €1.16 billion in May 2022, representing a decrease of 16.4 per cent.

Imports from other EU member states stood at €578.9 million, while imports from non-EU countries amounted to €395.6 million, in contrast to €684.3 million and €481.4 million, respectively, in May 2022.

What is more, the Cyprus Statistical Service highlighted that May 2023 imports include the transfer of economic ownership of mobile transport equipment (ships) with a total value of €32 million, compared to €202.1 million in May 2022.

Furthermore, total exports of goods in May 2023 amounted to €370.9 million, compared to €435.1 million in May 2022, indicating a decrease of 14.8 per cent.

Exports to other EU member states were €99.8 million, while exports to non-EU countries reached €271.1 million, compared to €120.6 million and €314.5 million, respectively, in May 2022.

Finally, it should be noted that May 2023 exports include the transfer of economic ownership of mobile transport equipment (ships) with a total value of €51.6 million, compared to €110.8 million in May 2022.