Cyprus trade deficit soars to €8.57 Billion in 2023

Cyprus' trade deficit for 2023 reached €8.57 billion, marking an 18% increase from the previous year's €7.26 billion, according to provisional data released by the Statistical Service of Cyprus (CyStat).

Total imports of goods for January–December 2023 totaled €12,764 million, a significant 11.3% rise compared to €11,470 million in the same period of 2022.

In contrast, total exports of goods during January–December 2023 experienced a slight decline of 0.5%, dropping to €4,189 million from €4,209 million in the corresponding period of 2022.

The overall trade deficit for January–December 2023 was €8.575 million, compared to €7,261 million in the same period of 2022, as reported by CyStat.

Breaking down the data for December 2023, total imports of goods amounted to €845.3 million, showing a slight decrease of 0.2% compared to €847.3 million in December 2022.

Imports from other EU Member States totaled €563.6 million, while imports from third countries were €281.7 million, contrasting with €547.4 million and €299.9 million, respectively, in December 2022. Notably, imports for December 2023 include the transfer of economic ownership of mobile transport equipment, with a total value of €3.8 million, a significant decrease from €81.7 million in December 2022.

Total exports of goods in December 2023 amounted to €267.3 million, indicating a substantial decrease of 54.9% compared to €593.3 million in December 2022.

Exports to other EU Member States were €71.7 million, and exports to third countries were €195.6 million, in contrast to €81.3 million and €512 million, respectively, in December 2022. Notably, exports in December 2023 include the transfer of economic ownership of mobile transport equipment, with a total value of €63.2 million, a significant decrease from €412.3 million in December 2022.

[Information from CNA]