Trade deficit in first semester shows annual increase by around €574 million

The trade deficit of Cyprus in the first semester of 2023 increased by around  €574 million, compared to the corresponding period last year, despite the large decrease of imports in May and June compared to 2022.

The trade deficit was €4,393.6 mn in January–June 2023 compared to €3,819.3 mn in the corresponding period of 2022, according to CySTAT.

An annual decrease of 18.3% was recorded in June as regards the total imports of goods which stood at €984.0 mn, compared to €1,204.0 mn in June 2022.

Provisional data for June

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According to CyTSTAT's provisional data for June, imports from other EU Member States were €596.9 mn and from third countries €387.1 mn, compared to €579.0 mn and €625.0 mn respectively in June 2022.

Imports in June 2023 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €83.9 mn as compared to €364.7 mn in June 2022.

Total exports of goods in June 2023 were €320.9 mn as compared to €293.6 mn in June 2022, recording an increase of 9.3%. Exports to other EU Member States were €119.6 mn and to third countries €201.3 mn, compared to €107.2 mn and €186.5 mn respectively in June 2022. Exports in June 2023 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €83.4 mn as compared to €39.3 mn in June 2022.

Total imports of goods in January–June 2023 amounted to €6,358.4 mn as compared to €5,674.8 mn in January–June 2022, recording an increase of 12%. Total exports of goods in January–June 2023 were €1,964.8 mn compared to €1,855.4 mn in January–June 2022, registering an increase of 5.9%.

The trade deficit was €4,393.6 mn in January–June 2023 compared to €3,819.3 mn in the corresponding period of 2022.

Final data for May 2023

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Regarding May, the final data show that total imports of goods amounted to €987.9 mn in May 2023 as compared to €1,165.7 mn in May 2022, recording a decrease of 15.3%.

The Statistical Service says that exports of domestically produced products, including stores and provisions, in May 2023 were €240.4 mn as compared to €209.4 mn in May 2022, recording an increase of 14.8%. Domestic exports of industrial products in May 2023 were €227.7 mn compared to €195.6 mn in May 2022, whilst domestic exports of agricultural products in May 2023 were €11.5 mn compared to €13 mn in May 2022.

Exports of foreign products, including stores and provisions, in May 2023 were €134.1 mn as compared to €225.7 mn in May 2022, recording a decrease of 40.6%.

(Source: CNA)