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12° Nicosia,
27 May, 2024
 

Cyprus spends more on imports, trade gap widens

More money going out than coming in for Cyprus; Latest data show increase in trade deficit despite import drop in June

Newsroom / CNA

The trade deficit in the first half of 2023 increased by approximately €574 million compared to the same period last year, even though imports significantly dropped in May and June of 2023 when compared to 2022.

For the period of January to June 2023, the trade deficit amounted to €4,393.6 million, a rise from the €3,819.3 million reported in the corresponding period of 2022, as revealed by the Statistical Service of Cyprus.

In June, there was an 18.3% year-on-year decrease in the total imports of goods, which totaled €984.0 million in comparison to €1,204.0 million in June 2022.

Provisional data for June from the Statistical Service of Cyprus showed imports from other EU Member States at €596.9 million and from third countries at €387.1 million, in contrast to €579.0 million and €625.0 million respectively in June 2022.

June 2023 imports included the transfer of economic ownership of mobile transport equipment (vessels), amounting to €83.9 million, compared to €364.7 million in June 2022. Total goods exports in June 2023 reached €320.9 million compared to €293.6 million in June 2022, marking a 9.3% increase. Exports to other EU Member States were €119.6 million, and to third countries, €201.3 million, compared to €107.2 million and €186.5 million respectively in June 2022. June 2023 exports also included the transfer of economic ownership of mobile transport equipment (vessels), totaling €83.4 million compared to €39.3 million in June 2022.

The cumulative imports of goods for January to June 2023 were €6,358.4 million, a 12% increase from €5,674.8 million in the same period of 2022. Similarly, total exports of goods in January to June 2023 amounted to €1,964.8 million, a 5.9% increase from €1,855.4 million in January to June 2022.

The trade deficit for January to June 2023 was €4,393.6 million compared to €3,819.3 million in the corresponding period of 2022.

Final data for May 2023 revealed that total imports of goods were €987.9 million, down from €1,165.7 million in May 2022, marking a decrease of 15.3%.

Domestically produced product exports, including stores and provisions, reached €240.4 million in May 2023, up from €209.4 million in May 2022, reflecting a 14.8% increase. Domestic exports of industrial products were €227.7 million in May 2023, compared to €195.6 million in May 2022. Meanwhile, domestic exports of agricultural products in May 2023 amounted to €11.5 million, down from €13 million in May 2022.

May 2023 saw a decrease of 40.6% in exports of foreign products, including stores and provisions, which totaled €134.1 million, compared to €225.7 million in May 2022.

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Cyprus  |  trade  |  business  |  economy

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