Trade deficit up by €620 million in January-August 2023

The trade deficit of Cyprus stood at €5,836.6 mn in January–August 2023 compared to €5,216.4 mn in the corresponding period of 2022, according to data published by CySTAT.

Total imports of goods in January–August 2023 amounted to €8,610.2 mn compared to €7,778.1 mn in January–August 2022, recording an increase of 10.7%. Total exports of goods in January–August 2023 were €2,773.6 mn compared to €2,561.7 mn in January–August 2022, registering an increase of 8.3%.

Exports doubled in August

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According to provisional data published by CySTAT, in August, a 53.7% increase in exports was recorded. Total exports of goods in August 2023 were €414.3 mn as compared to €269.6 mn in August 2022. In the same month, total imports were €1,083.6 mn as compared to €973.9 mn in August 2022, recording an increase of 11.3%.

Imports from other EU Member States were €608.3 mn and from third countries €475.4 mn, compared to €628.2 mn and €345.7 mn respectively in August 2022. Imports in August 2023 include the transfer of economic ownership of mobile transport equipment, with total value of €170.3 mn as compared to €89.2 mn in August 2022.

Exports to other EU Member States were €72 mn and to third countries €342,3 mn, compared to €79.9 mn and €189.8 mn respectively in August 2022. Exports in August 2023 include the transfer of economic ownership of mobile transport equipment, with total value of €109.5 mn as compared to €33.4 mn in August 2022.

July's final data

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Final data for July 2023 show that total imports of goods amounted to €1,079.8 mn as compared to €1,045.5 mn in July 2022, recording an increase of 3.3%.

Exports of domestically produced products, including stores and provisions, in July 2023 were €227.3 mn as compared to €173.9 mn in July 2022, recording an increase of 30.7%.

Domestic exports of industrial products in July 2023 were €222.5 mn compared to €166.8 mn in July 2022, whilst domestic exports of agricultural products in July 2023 were €3.6 mn compared to €5.7 mn in July 2022. Exports of foreign products, including stores and provisions, in July 2023 were €157.9 mn as compared to €253.3 mn in July 2022, recording a decrease of 37.7%.

(Source: CNA)