Trade deficit in first semester shows annual increase by around €574 million

Trade deficit in the first semester of 2023 increased by around €574 million, compared to the corresponding period last year, despite the large decrease of imports in May and June compared to 2022, the Cyprus Statistical Service reported on Wednesday.

The trade deficit was €4,393.6 million in January–June 2023 compared to €3,819.3 million in the corresponding period of 2022, according to CyStat.

An annual decrease of 18.3 per cent was recorded in June as regards the total imports of goods which stood at €984.0 million, compared to €1,204.0 million in June 2022.

According to the provisional data for June, imports from other EU member states were €596.9 million and from third countries €387.1 million, compared to €579.0 million and €625.0 million respectively in June 2022.

Imports in June 2023 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €83.9 million as compared to €364.7 million in June 2022.

Total exports of goods in June 2023 were €320.9 million as compared to €293.6 million in June 2022, recording an increase of 9.3 per cent.

Exports to other EU member states were €119.6 million and to third countries €201.3 million, compared to €107.2 million and €186.5 million respectively in June 2022. Exports in June 2023 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €83.4 million as compared to €39.3 million in June 2022.

Total imports of goods in January–June 2023 amounted to €6,358.4 million as compared to €5,674.8 million in January–June 2022, recording an increase of 12 per cent. Total exports of goods in January–June 2023 were €1,964.8 million compared to €1,855.4 million in January–June 2022, registering an increase of 5.9 per cent.

The trade deficit was €4,393.6 million in January–June 2023 compared to €3,819.3 million in the corresponding period of 2022.