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Trade deficit rises by annual 15% in January – October 2023

Cyprus’ trade deficit for the period of January – October 2023 rose by an annual 15%, reaching €7.29 billion, compared to €6.33 billion in the respective period of 2022.

According to provisional data published by CySTAT, total imports of goods in January–October 2023 amounted to €10,829,5 million as compared to €9,596.1 million in January–October 2022, recording an increase of 12.9%.

Total exports of goods in January-October 2023 rose by 8.4% to €3,540.9 mn compared to €3,267.9 mn in January–October 2022, registering an increase of 8.4%.

For October total imports of goods in October 2023 were €1,020,8 mn as compared to €940.4 mn in October 2022, recording an increase of 8.6%. Imports from other EU Member States were €604.5 mn and from third countries €416.3 mn, compared to €585.1 mn and €355.3 mn respectively in October 2022.

Imports in October 2023 include the transfer of economic ownership of mobile transport equipment, with total value of €20.8 mn as compared to €65.5 mn in October 2022.

Total exports of goods in October 2023 amounted to €274.8 mn as compared to €418 mn in October 2022, recording a decrease of 34.3%.

Exports to other EU Member States were €90.7 mn and to third countries €184.1 mn, compared to €81.1 mn and €336.9 mn respectively in October 2022.

Exports in October 2023 do not include the transfer of economic ownership of mobile transport equipment, in contrast to October 2022 in which the amount of €153.8 mn is included.

(Source: CNA)

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