10.08.2022
Cyprus’ trade deficit increased by 1.12 billion euros in the first half of 2022 compared to the corresponding period of the previous year, according to data released on Tuesday by the Statistical Office of Cyprus.
This is primarily due to a sharp increase in imports, amounting to 1.6 billion euros.
The trade deficit reached 3.86 billion euros in the first half of this year, compared to 2.73 billion euros in the corresponding period of 2021.
According to preliminary data, total imports of goods from both EU Member States and third countries between January and June 2022 amounted to 5.6 billion euros, compared to 4.05 billion euros for the same period in 2021, reflecting growth of 39.5% per year. -in year.
Total exports of goods (to EU Member States and third countries) for the period from January to June 2022 amounted to 1,803.8 million euros, compared to 1,325.0 million euros for the period from January to June 2021, an increase of 36. one%.
In addition, in June 2022, according to preliminary data, imports of goods increased by 56.1 percent, while exports decreased by 1.5 percent.
In particular, total imports of goods amounted to 1.19 billion euros compared to 765.7 million euros in June 2021, an increase of 56.1%.
Imports from other EU Member States reached €570.9 million in June 2022 and €624.6 million from third countries, compared to €486.2 million and €279.5 million respectively in June 2021.
Imports in June 2022 include the transfer of economic ownership of ships and aircraft for a total of €364.9 million compared to €113.4 million in June 2021.
In addition, total exports of goods in June 2022 reached 292.1 million euros, compared to 296.6 million euros in June 2021, representing a decrease of 1.5%.
Exports to other EU Member States reached €105.7 million in June 2022 and €186.4 million to third countries, compared to €84.2 million and €212.4 million respectively in June 2021.
Exports in June 2022 include the transfer of ships and aircraft for a total of €39.3 million compared to €80.5 million in June 2021.
Meanwhile, according to the final foreign trade data of Cyprus in May 2022, both imports from EU and third countries and exports of both products manufactured in Cyprus and products manufactured abroad increased significantly.
In May 2022, total imports from the EU and third countries reached 1.15 billion euros, up from 668.1 billion euros in May 2021, up 72.5% year on year.
Exports of Cypriot-made products, including shops and consumables, amounted to 209.3 million euros in May 2022, compared to 125.6 million euros in the corresponding month of 2021, an increase of 66.6% year on year.
Of these, exports of industrial products reached 195.5 million euros, compared with 111.7 million euros in 2021, and exports of agricultural products reached 12.9 million euros, compared with 12.3 million euros in 2021.
Finally, exports of foreign products reached 210 million euros compared to 101.7 million euros in May 2021, an increase of 106.5% year on year.
