Cyprus trade deficit hits €8.57 billion in 2023

Cyprus’ trade deficit reached €8.57 billion in 2023, marking an 18 per cent year-on-year increase, according to a report released on Friday by the Cyprus Statistical Service (Cystat),

The report, which utilised preliminary data, showed that total imports of goods for the period between January and December 2023 amounted to €12.7bn, compared to €11.47bn for the same period in 2022, indicating an increase of 11.3 per cent.

Moreover, concerning total exports of goods for the period January–December 2023, they totalled €4.18bn, a slight decrease of 0.5 per cent from the previous year’s €4.2bn.

Additionally, the trade deficit for the period January–December 2023 stood at €8.57bn, compared to €7.26bn in the corresponding period of 2022.

Furthermore, total imports of goods in December 2023 amounted to €845.3 million compared to €847.3 million in December 2022, marking a decrease of 0.2 per cent.

Imports from other EU Member States were €563.6m, while those from third countries were €281.7m, compared to €547.4m and €299.9m respectively in December 2022.

Moreover, as reported by Cystat, imports in December 2023 included the transfer of financial ownership of mobile transport equipment, totalling €3.8m compared to €81.7m in December 2022.

Similarly, total exports of goods in December 2023 were €267.3m compared to €593.3m in December 2022, representing a decrease of 54.9 per cent.

Exports to other EU Member States stood at €71.7m, while those to third countries stood at €195.6m, compared to €81.3m and €512m respectively in December 2022.

Finally, exports in December 2023 included the transfer of financial ownership of mobile transport equipment, totalling €63.2m compared to €412.3m in December 2022.