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According to preliminary data from the Cyprus Statistical Service (Cystat), the trade deficit in Cyprus increased significantly in January 2023, as imports increased more than three times the increase in exports.

Specifically, the trade deficit reached €1.39 billion in January 2023, compared to €0.53 billion in the corresponding month of 2022, recording an increase of 163.5 per cent. Total imports of goods in January 2023 were €1.71 billion, registering a significant increase of 127.4 per cent compared to €0.75 billion in January 2022. Imports from other EU Member States were €0.50 billion and from third countries €1.21 billion, compared to €0.53 billion and €0.23 billion respectively in January 2022. Moreover, imports in January 2023 include the transfer of economic property of mobile transport equipment (ships), with a total worth of €0.93 billion, compared to €0.07 billion in January 2022.

Total exports of goods in January 2023 were €0.31 billion, an increase of 41.4 per cent compared to €0.22 billion in January 2022. In addition, exports to other EU Member States were €0.07 billion and to third countries €0.25 billion, compared to €0.07 billion and €0.15 billion respectively in January 2022. It should be noted that exports in January 2023 include the transfer of financial ownership of mobile transport equipment (ships), with a total value of €0.11 billion, compared to €0.06 billion in January 2022.

The Statistical Service also announced the final figures for December, revealing that total imports of goods were €0.81 billion in December 2022, an increase of 11.7 per cent compared to €0.72 billion in December 2021. Exports of domestically produced goods, including ship and aircraft supplies, for December 2022 were €0.10 billion, registering an increase of 1.8 per cent compared to €0.10 billion in December 2021.

Meanwhile, the value of exports of industrial products for December 2022 amounted to €0.09 billion compared to €0.09 billion in December 2021, while the value of exports of agricultural products for December 2022 amounted to €0.01 billion, against €0.01 billion in December 2021.

Exports of foreign products, including ship and aircraft supplies, for December 2022 were €0.49 billion, an increase of 94.8 per cent compared to €0.25 billion in December 2021.

Source: Cyprus Mail