Cyprus trade deficit surges by €960 million to €7.28 billion

Cyprus witnessed a substantial increase in imports in the period from January to October 2023, rising by €1.23 billion when compared to the same period in 2022, according to a report released this week by the Cyprus Statistical Service (Cystat).

This surge exacerbated Cyprus’ trade deficit, which soared by €960 million, reaching a total of €7.28 billion, the service explained.

What is more, the report revealed that total goods imports for January to October 2023 stood at €10.82 billion, marking a 12.9 per cent increase from €9.59 billion recorded in the same period of 2022.

Similarly, total goods exports for January to October 2023 amounted to €3.54 billion, compared to €3.26 billion in 2022, marking an 8.4 per cent increase.

However, October 2023 data indicated a sharp decline in exports by 34.3 per cent, while imports surged by 8.6 per cent compared to the previous October, according to preliminary figures from the Statistical Service.

Furthermore, total goods imports amounted to €1.02 billion in October 2023, compared to €940.4 million in October 2022, marking an 8.6 per cent increase.

Imports from EU member states stood at €604.5 million, while imports from third countries amounted to €416.3 million, compared to €585.1 million and €355.3 million, respectively, in October 2022.

Meanwhile, total goods exports in October 2023 amounted to €274.8 million compared to €418 million in October 2022, recording a 34.3 per cent decrease.

Exports to EU member states were €90.7 million, and to third countries were €184.1 million, compared to €81.1 million and €336.9 million, respectively, in October 2022.

Moreover, final figures from the Statistical Service unveiled that total goods imports in September 2023 amounted to €1.07 billion, compared to €877.6 million in September 2022, marking a 22.8 per cent increase.

Exports of domestically produced products, meanwhile, including ship and aircraft supplies, stood at €354.6 million in September 2023, compared to €107.1 million in September 2022, marking a 231.1 per cent increase.

Additionally, industrial product exports reached €348.7 million, compared to €101.2 million in September 2022, while agricultural product exports amounted to €4.6 million, down from €4.8 million in September 2022.

Finally, exports of foreign products, including ship and aircraft supplies, in September 2023 were €86.7 million, compared to €181.2 million in September 2022, reflecting a 52.2 per cent decrease.