Cyprus' trade deficit widens in 2023

Cyprus’ trade deficit increased by €962.3m in January–November 2023 compared to the same period of the previous year, according to preliminary data by Cystat.

In the same reference period, imports increased by 12.0% y-o-y reaching €11,896.6m, while total exports amounted to €3,927.1m, reflecting an 8.6% uptick compared to the same period in 2022. Despite these positive trends, the trade deficit continued to widen, posing economic challenges at €7,969.5m.

In November 2023, total imports of goods reached €1,057.6m as compared to €1,026.7m in November 2022 (up 3.0%). Imports from other EU member states were at €603.3m and from third countries €454.4m, compared to €619.4m and €407.3m respectively in November 2022.

The November 2023 imports include the transfer of economic ownership of mobile transport equipment with a total value of €119.5m (€161.9m in November 2022).

Total exports of goods in November 2023 reached €379.5m from €347.5m in November 2022, recording an increase of 9.2%. Exports to other EU member states totalled €88.1m and to third countries €291.5m, compared to €78.4m and €269.2m respectively in November 2022.

Exports in November 2023 include the transfer of economic ownership of mobile transport equipment, with a total value of €47.2m as compared to €161.3m in November 2022.

According to the final results for October 2023, total imports of goods amounted to €1,029.0m compared to €940.4m in October 2022, recording an increase of 9.4%. Exports of domestically produced products, including stores and provisions, in October 2023 were €165.1m compared to €163.6m in October 2022, recording an increase of 0.9%.

Domestic exports of industrial products in October 2023 were €159.5m compared to €157.5m in October 2022, whilst domestic exports of agricultural products in October 2023 were €4.1m compared to €5.0m in October 2022. Exports of foreign products, including stores and provisions, in October 2023 were €114.8m compared to €254.4m in October 2022, recording a decrease of 54.9%.