Trade deficit records sharp increase in January

There was a sharp increase in the island’s trade deficit in January 2023, what with imports rising more than three times higher than exports.

According to preliminary data by the Cyprus Statistical Service, the trade deficit reached €1,393.3 million in January 2023 compared to €528.7 million in the corresponding month of 2022, recording an increase of 163.5%.

A significant increase of 127.4% was recorded in total imports of goods which in January 2023 were (€1,707.8m compared to €751.2m in January 2022), while Imports from other EU Member States were €501.5m and from third countries €1,206.3m, compared to €525.8m and €225.4m respectively in January 2022. Imports in January 2023 include the transfer of economic property of mobile transport equipment (vessels), with a total value of €926.1m compared to €73.7m in January 2022.

Total exports of goods in January 2023 were €314.4m as compared to €222.4m in January 2022, recording an increase of 41.4%. Exports to other EU Member States were €68.1m and to third countries €246.3m, compared to €70.7m and €151.7m respectively in January 2022. The January 2023 exports include the transfer of economic ownership of mobile transport equipment (vessels), with a total value of €106.9m as compared to €63.7m in January 2022.

The Statistical Service also announced the final data for December on Monday. Total imports of goods amounted to €808.5m in December 2022 as compared to €723.6m in December 2021, recording an increase of 11.7%.

Exports of domestically produced products, including stores and provisions, in December 2022 were €103m as compared to €101.2m in December 2021, recording an increase of 1.8%. Domestic exports of industrial products in December 2022 were €94.8m compared to €92.7m in December 2021, whilst domestic exports of agricultural products in December 2022 were €7.3m compared to €7.1m in December 2021.

Exports of foreign products, including stores and provisions, in December 2022 were €487.1m as compared to €250.1m in December 2021 (up 94.8%).