Cyprus’ trade deficit for the period of January to August 2023 reached €5.8 billion, compared to €5.2 billion during the same period in 2022, according to a report released this week by the state’s statistical service.
During this eight-month period, the total imports of goods amounted to €8.6 billion, up from €7.8 billion in January to August 2022, marking a 10.7 per cent increase.
Meanwhile, total exports of goods for the same period in 2023 reached €2.8 billion, compared to €2.6 billion in 2022, showing an 8.3 per cent rise.
Notably, the month of August witnessed a significant surge in exports. According to preliminary data for August 2023, exports doubled, reaching €414.3 million, up from €269.6 million in August 2022, registering a 53.7 per cent increase.
In the same month, imports also increased by 11.3 per cent, rising from €973.9 million to €1.08 billion.
Specifically, imports from other European Union member states were €608.3 million, while imports from non-EU countries were €475.4 million, compared to €628.2 million and €345.7 million, respectively, in August 2022.
Imports in August 2023 included the transfer of economic ownership of mobile transport equipment, with a total value of €170.3 million, compared to €89.2 million in August 2022.
Exports to other EU member states were €72 million, while exports to non-EU countries amounted to €342.3 million, compared to €79.9 million and €189.8 million, respectively, in August 2022.
Similar to imports, exports in August 2023 also included the transfer of economic ownership of mobile transport equipment, with a total value of €109.5 million, compared to €33.4 million in August 2022.
The statistical service also released the final figures for trade transactions in July. The total imports of goods for July 2023 amounted to €1.08 billion, compared to €1.05 billion in July 2022, marking a 3.3 per cent increase.
In addition, domestic exports, including ship and aircraft supplies, in July 2023 were €227.3 million, compared to €173.9 million in July 2022, reflecting a 30.7 per cent increase.
Industrial product exports for July 2023 reached €222.5 million, compared to €166.8 million in July 2022, while agricultural product exports for July 2023 amounted to €3.6 million, down from €5.7 million in July 2022.
Finally, exports of foreign products, including ship and aircraft supplies, for July 2023 were €157.9 million, compared to €253.3 million in July 2022, a 37.7 per cent decrease.
