Trade deficit rose to €8.6b in 2023

08:44 - 12 February 2024

Economy

Cyprus' trade deficit rose to €8.57 billion in 2023, up by 18% compared with €7.26 billion the previous year, according to provisional data by CyStat.

Total imports of goods in January–December 2023 amounted to €12,764 million compared to €11,470 million in January–December 2022, recording an increase of 11.3%.

Total exports of goods in January- December 2023 decline by 0.5%. dropping to €4,189 million from to €4,209 million in January–December 2022.

The trade deficit was €8,575 million in January–December 2023 compared to €7,261 million in the corresponding period of 2022.

Total imports of goods in December 2023 were €845.3m compared to €847.3m in December 2022, recording a decrease of 0.2%.

Imports from other EU Member States were €563.6m and from third countries €281.7m, compared to €547.4m and €299.9m respectively in December 2022. Imports in December 2023 include the transfer of economic ownership of mobile transport equipment, with total value of €3.8m as compared to €81.7m in December 2022.

Total exports of goods in December 2023 amounted to €267.3m as compared to €593.3m in December 2022, recording a decrease of 54.9%.

Exports to other EU Member States were €71.7m and to third countries €195.6m, compared to €81.3m and €512m respectively in December 2022.

Exports in December 2023 include the transfer of economic ownership of mobile transport equipment, with total value of €63.2m as compared to €412.3m in December 2022.

Trade deficit rose to €8.6b in 2023

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