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Cyprus’ Q1 external trade spikes 58.6% y-o-y

Cyprus’ January-March trade deficit jumped by an annual 58.6% reaching €2,567.5m, compared with €1,618.7m in the same period of 2022, according to provisional data by the Cystat.

Total imports of goods in the first quarter of 2023 amounted to €3,483.6m (€2,466.4m in January–March 2022), recording an increase of 41.2%.

Total exports of goods reached €916.2m, compared to €847.7m in Q1 of 2022 (up 8.1%).

In March, total imports of goods rose by an annual 1.5% to €993.8m (€979m in March last year). Imports from other EU member states totalled €618.7m (€599.4m in March 2022) and from third countries €375.1m, compared to €379.6m last year.

Imports in March 2023 include the transfer of economic ownership of mobile transport equipment (vessels), with a total value of €46.1m as compared to €159.0m in March 2022.

Total exports of goods in March 2023 were €340.7m compared to €324.4m in March 2022, recording an increase of 5%, while exports to other EU member states were €76.2m and to third countries €264.5m, (€100.4m and €224m respectively in March last year).

Exports in March 2023 include the transfer of economic ownership of mobile transport equipment (vessels), with a total value of €107.8m as compared to €83.6m in March 2022.

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