Cyprus trade deficit grows to €6.49 billion

Cyprus’ trade deficit for the period of January to September 2023 reached €6.49 billion, compared to €5.8 billion during the same period in 2022, marking an increase of €685.1 million, according to a report released this week by the Cyprus Statistical Service (Cystat).

According to the report, the total imports of goods for the period of January to September 2023 amounted to €9.75 billion, compared to €8.65 billion for the same period in 2022, marking an increase of 12.7 per cent.

Moreover, the total exports of goods for the period of January to September 2023 were €3.26 billion, compared to €2.85 billion for the period of January to September 2022, indicating an increase of 14.6 per cent.

Meanwhile, according to preliminary data for September, total imports of goods were €1.1 billion, compared to €877.6 million in September 2022, recording an increase of 25.4 per cent.

Additionally, imports from other member states of the European Union (EU) were €637.7 million, and from third countries €462.7 million, compared to €564 million and €313.6 million, respectively, in September 2022.

Imports in September 2023 include the transfer of economic ownership of mobile transport equipment with a total value of €14.5 million, compared to €26.9 million in September 2022.

At the same time, the total exports of goods in September 2023 amounted to €440.8 million, compared to €288.3 million in September 2022, marking an increase of 52.9 per cent.

Exports to other EU member states were €82.9 million, and to third countries €357.9 million, compared to €121.6 million and €166.7 million, respectively, in September 2022.

Furthermore, exports in September 2023 include the transfer of economic ownership of mobile transport equipment, with a total value of €2.6 million, compared to €77.8 million in September 2022.

The Statistical Service also released the final data for foreign trade in August. According to that dataset, the total imports of goods amounted to €1.11 billion, compared to €973.9 million in August 2022, recording an increase of 14.6 per cent.

Domestically produced product exports, including ship and aircraft supplies, for August 2023 amounted to €220.4 million, compared to €119.5 million in August 2022, marking an increase of 84.4 per cent.

The value of exports of industrial products for August 2023 amounted to €214.1 million, compared to €112.4 million in August 2022, while the value of exports of agricultural products for August 2023 amounted to €5.5 million, compared to €6.1 million in August 2022.

Finally, exports of foreign products, including ship and aircraft supplies, for August 2023 reached €201.6 million, compared to €150.1 million in August 2022, marking an increase of 34.3 per cent.