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Trade deficit up by €1.12 billion in first half of 2022

10/08/2022 08:46

Trade deficit was up by €1.12 billion in the first half of 2022, data released by the Cyprus Statistical Service (CyStat), on Tuesday show.

In particular according to the official data, imports of goods (from EU Member States and from third countries) in January – June 2022 amounted to €5,664.3 mn compared to €4,059.9 mn in January – June 2021, recording an increase of 39.5%.

Total exports of goods (to EU Member States and to third countries) in January – June 2022 were €1,803.8 mn compared to €1,325 mn in January – June 2021, registering an increase of 36.1%.

The trade deficit was €3,860,6 mn in the period January – June 2022 compared to €2,734.9 mn in the corresponding period of 2021, CyStat said.

In addition, provisional data for June 2022, show that total imports of goods were €1,195.5 mn compared to €765.7 mn in June 2021, recording an increase of 56.1%. Imports from other EU Member States in June 2022 were €570.9 mn and from third countries €624.6 mn, compared to €486.2 mn and €279.5 mn respectively in June 2021.

Imports in June 2022 include the transfer of economic ownership of mobile transport equipment (vessels and aircrafts), with total value of €364.9 mn as compared to €113.4 mn in June 2021.

Total exports of goods in June 2022 were €292.1 mn compared to €296.6 mn in June 2021, recording a decrease of 1.5%.

Exports to other EU Member States in June 2022 were €105.7 mn and to third countries €186.4 mn, compared to €84.2 mn and €212.4 mn respectively in June 2021.

Exports in June 2022 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €39,3 mn as compared to €80,5 mn in June 2021.

Final data for May this year show a significant increase in imports from both EU and third countries as well as in exports of domestically produced and foreign products. 

In particular, the total imports of goods (from EU Member States and from third countries) amounted to €1,152.8 mn in May 2022 compared to €668.1 mn in May 2021, recording an increase of 72.5%.

Exports of domestically produced products, including stores and provisions, in May 2022 were €209.3 mn as compared to €125.6 mn in May 2021, recording an increase of 66.6%.

Domestic exports of industrial products in May 2022 were €195.5 mn compared to €111,7 mn in May 2021, whilst domestic exports of agricultural products in May 2022 were €12.9 mn compared to €12.3 mn in May 2021.

Also, exports of foreign products, including stores and provisions, in May 2022 were €210 mn compared to €101.7 mn in May 2021, recording an increase of 106.5%.