Trade deficit reached €7,101.0m in 2022

The trade deficit reached €7,101.0m in Cyprus in 2022, according to data published by Cystat.

The main partner country in imports for 2022 was Greece whereas the main partner country in exports of domestic goods was Lebanon.

Total imports of goods (from EU Member States and from third countries) in 2022 amounted to €11,290.0m while total exports of goods (to EU Member States and to third countries) were €4,189.0m.

The share of intra-EU imports for 2022 constituted 60.8% of the total compared to 65.1% in 2021, while extra-EU imports for 2022 constituted 39.2% compared to 34.9% in 2021. The share of intra-EU exports in 2022 was 26.0% compared to 27.4% in 2021, while extra-EU exports in 2022 constituted 74.0% compared to 72.6% in 2021.

The share of exports of domestic goods reached 39.6% of total exports in 2022 compared to 42.9% in 2021.

Meanwhile, the main partner countries in imports for 2022 were Greece (€2,640.9m), Italy (€1,183.9m), China (€898.2m), Israel (€835.9m) and Germany (€600.5m), whereas the main partner countries in exports of domestic goods were Lebanon (€287.3m), the United Kingdom (€204.8m), Greece (€121.0m) and Israel (€81.6m).

In addition, the main share in imports for home consumption by economic destination consisted of consumer goods with 29.2%, followed by intermediate inputs (e.g. cereals, building iron) with 28.3% and transport equipment with 21.4%.

Industrial products of manufacturing origin with 38.9% constituted the main part of exports of domestically produced goods, followed by industrial products of mineral origin with 32.5% and industrial products of agricultural origin with 22.6%.

The main products imported in Cyprus in 2022 were mineral fuels and oils (€2,626.5m), vessels (€1,302.4m), electrical machinery, devices, materials (€630.4m), motor cars, other vehicles and parts (€626.0m), other machinery, boilers, appliances and their parts (€580.9m).

The main products of domestic origin exported from Cyprus in 2022 were mineral fuels and oils (€455.9m), pharmaceutical products (€336.5m), halloumi cheese (€284.5m), waste and scrap (of paper, glass, metal) (€87.0m) and potatoes (€42.4m).