12° Nicosia,
30 November, 2023

Cyprus trade deficit swells as imports surge in 2023

Statistical Service data reveals growing imbalance and robust export performance


Cyprus faces a growing trade deficit, reaching €6,490.8 million in January-September 2023, a €685.1 million increase from the same period in 2022, reports the Statistical Service of Cyprus. Total imports surged by 12.7% to €9,756.5 million, with exports rising by 14.6% to €3,265.7 million during the same period.

In September 2023, total imports of goods rose by 25.4% to €1,100.4 million compared to September 2022. Imports from other EU Member States amounted to €637.7 million, while those from third countries totaled €462.7 million. Notably, economic ownership transfers of mobile transport equipment contributed to this increase.

Exports in September 2023 surged by 52.9% to €440.8 million, with exports to other EU member states at €82.9 million and to third countries at €357.9 million. Economic ownership transfers of mobile transport equipment also played a role in this growth.

Final data for August 2023 reveals that total imports of goods reached €1,116.3 million, showing a 14.6% increase from August 2022. Exports of domestically produced products, including stores and provisions, soared by 84.4% to €220.4 million, with domestic exports of industrial products at €214.1 million. Domestic exports of agricultural products were €5.5 million. Exports of foreign products, including stores and provisions, rose by 34.3% to €201.6 million.

[Information sourced from CNA]

Cyprus  |  economy  |  exports  |  imports

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