Cyprus tops EU in export growth with 55.2% surge in August 2023

Cyprus has taken the spotlight as the European Union's top performer in export growth, with a remarkable 55.2% surge in exports during August 2023 compared to the same period in 2022, according to Eurostat, the EU's statistical service.

Overall, Eurostat data reflects a trade surplus for the eurozone at 6.7 billion euros and a 1.4 billion euro surplus for the entire EU. The eurozone reported a decrease of 3.9% in exports to the rest of the world in August 2023, reaching 221.6 billion euros, while imports fell by 24.6% to 214.9 billion euros. This resulted in a 6.7 billion euro surplus in trade with the rest of the world in August 2023, in stark contrast to the 54.4 billion euro deficit in August 2022.

For the period of January to August 2023, euro area exports increased by 1.5% compared to the same period in 2022, reaching 1,883.9 billion euros, while imports decreased by 10.6% to 1,875.8 billion euros. This translates into an 8.1 billion euro surplus, in sharp contrast to the 242.9 billion euro deficit during the same period in 2022.

In the realm of extra-EU trade, exports of goods decreased by 4.1% in August 2023 compared to August 2022, amounting to 198.5 billion euros, while imports decreased by 27.8% to 197.1 billion euros. This resulted in a 1.4 billion euro surplus in trade with the rest of the world for the EU in August 2023, compared to a 66.0 billion euro deficit in August 2022.

Cyprus, in particular, marked an impressive 55.2% increase in exports in August 2023, making it a standout performer among EU member states. Meanwhile, in extra-EU imports, Malta recorded a notable increase of 16.5%, and Cyprus continued to shine with a 12.4% surge. While many EU nations experienced decreases in exports and imports, these exceptional growth figures demonstrate Cyprus's robust trade performance.

[Information sourced from CNA]