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12° Nicosia,
25 April, 2024
 
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Cyprus faces widening trade gap as imports rose in 2023

The trade deficit expands by €962 million from January to November, despite a boost in exports, posing economic challenges for the nation.

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Cyprus bought more goods from other countries than it sold to them by nearly €8 billion from January to November 2023. That's up by about €962 million compared to the same time frame in 2022, according to new data from Cyprus' statistics office.

During these 11 months, Cyprus spent €11.9 billion on imports, a 12% increase from the previous year. At the same time, it earned €3.93 billion from exports, marking an 8.6% rise. Even with higher exports, the country's trade gap grew larger.

In November 2023, imports totaled €1.06 billion, slightly up from €1.03 billion a year earlier. The country bought €603.3 million worth of goods from other European Union countries and €454.4 million from nations outside the EU. These numbers include items like mobile transport equipment, which cost €119.5 million, down from €161.9 million in November 2022.

Exports in November 2023 reached €379.5 million, up from €347.5 million in November 2022. The country sold €88.1 million worth of goods to EU nations and €291.5 million to non-EU countries. Notably, exports of mobile transport equipment were valued at €47.2 million, a drop from €161.3 million the previous November.

For October 2023, imports were €1.03 billion, rising from €940.4 million in October 2022. The country exported €165.1 million worth of its own products in October 2023, just a slight increase from €163.6 million a year earlier.

In specific sectors, industrial exports in October 2023 were €159.5 million, a small rise from €157.5 million in October 2022. Agricultural exports, however, decreased to €4.1 million from €5 million. Exports of foreign products saw a significant drop, falling to €114.8 million from €254.4 million in October 2022.

[Source: CNA]

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Cyprus  |  economy  |  consumer

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