13.10.2022
Cyprus’ trade deficit increased by 1.53 billion euros in the first eight months of 2022 compared to the corresponding period last year, exceeding the total value of 5 billion euros, according to a report based on preliminary data from the Statistical Office of Cyprus (Cystat).
The increase was due to a sharp increase in imports, the value of which increased by more than 2 billion euros compared to imports recorded in the same period of the previous year.
The trade deficit was €5.12 billion for the period January-August 2022, compared to €3.58 billion for the corresponding period in 2021.
Total imports of goods from both EU Member States and third countries for the period from January to August 2022 reached 7.64 billion euros compared to 5.54 billion euros in the same period last year, an increase of 37.7 percent . cents on an annualized basis.
Imports from third countries increased by about 1.18 billion euros, while imports from EU member states increased by about 910 million euros. Total exports of goods to both EU Member States and third countries in the aforementioned period reached 2.52 billion euros, compared to 1.96 billion euros in the corresponding period in 2021, reflecting an increase of 28.5%. In addition, exports to third countries increased by 410 million euros, while exports to EU member states increased by 146 million euros.
Meanwhile, according to the report, total imports from third countries between January and August 2022 amounted to 3.08 billion euros, compared to 1.90 billion euros in the same period last year, while total exports amounted to 1.79 billion euros. compared to 1.38 billion euros previously.
Total imports from EU member states in the same period amounted to 4.55 billion euros, compared to 3.64 billion euros in the same period in 2021, while total exports reached 724 million euros, compared to 578 million euros. In August 2022 alone, total imports of goods reached 944 million euros, compared to 706.2 million euros in August 2021, an increase of 33.7%.
Imports from other EU Member States reached €601.8 million in August 2022 and imports from third countries reached €342.2 million, compared to €458.8 million and €247.4 million respectively in August 2021.
Imports in August 2022 include the transfer of economic ownership of mobile transport equipment (vessels) totaling €88.5 million compared to €118.4 million in August 2021. Moreover, total exports of goods in August 2022 reached 254.3 million euros, compared to 283.8 million euros in August 2021, representing a decrease of 10.4%.
Exports to other EU Member States in August 2022 amounted to €76.7 million and to third countries €177.6 million, compared to €53.6 million and €230.2 million respectively in August 2021.
Exports in August 2022 include the transfer of economic ownership of mobile transport equipment (vessels) totaling €19.7 million compared to €96.3 million in August 2021.
In addition, total imports of goods from both EU Member States and third countries reached EUR 1.03 billion in July 2022, up from EUR 782.3 million in July 2021, an increase of 32.1%.
Exports of domestically produced goods, including goods for ships and aircraft, amounted to 173.3 million euros in July 2022, compared to 149.2 million euros in July 2021, an increase of 16.2%.
The value of exports of industrial products was 166.5 million euros in July 2022, compared to 143.3 million euros in July 2021, and the value of exports of agricultural products in the same month was 5.3 million euros, compared to 4.5 million euros in July. 2021.
Finally, exports of foreign products, including supplies for ships and aircraft, reached 243.6 million euros in July 2022, compared to 202.9 million euros in July 2021, an increase of 20.1%.
