External trade in Q1 2023 spikes by almost 60%

Cyprus’ January – March trade deficit jumped by an annual 58.6% reaching €2,567.5 million in January–March 2023 compared to €1,618.7 mn in the corresponding period of 2022, according to provisional data published by the Statistical Service of Cyprus (Cystat).

Total imports of goods in January–March 2023 amounted to €3,483.6 mn as compared to €2,466.4 mn in January–March 2022, recording an increase of 41.2%, whereas total exports of goods in January–March 2023 reached €916.2 mn compared to €847.7 mn in January–March 2022, registering an increase of 8,1%.

According to the provisional data in March total imports of goods in March 2023 rose by an annual 1.5% at €993.8 mn as compared to €979 mn in March 2022. Imports from other EU Member States were €618.7 mn and from third countries €375.1 mn, compared to €599.4 mn and €379.6 mn respectively in March 2022.

Imports in March 2023 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €46.1 mn as compared to €159.0 mn in March 2022.

Total exports of goods in March 2023 were €340.7 mn compared to €324.4 mn in March 2022, recording an increase of 5%, while exports to other EU Member States were €76.2 mn and to third countries €264.5 mn, compared to €100.4 mn and €224 mn respectively in March 2022.

Exports in March 2023 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €107.8 mn as compared to €83.6 mn in March 2022.

According to the final data for February 2023, total imports of goods amounted to €777.8 mn in February 2023 as compared to €736.3 mn in February 2022, recording an increase of 5.6%.

Exports of domestically produced products, including stores and provisions, in February 2023 were €122 mn as compared to €152 mn in February 2022, recording a decrease of 19.7%.

Domestic exports of industrial products in February 2023 were €114.2 mn compared to €142.8 mn in February 2022, whilst domestic exports of agricultural products in February 2023 were €7.2 mn compared to €8.1 mn in February 2022.

Exports of foreign products, including stores and provisions, in February 2023 were €137.9 mn as compared to €148.8 mn in February 2022, recording a decrease of 7.3%, Cystat added.