Trade deficit up by 9.75% in first eleven months 2021

Τrade deficit rose by 9.75% in January – November 2021 amounting to €4,799 mn compared to €4,372.6 mn in the corresponding period of 2020, provisional data released by the Cyprus Statistical Service (CyStat) on Monday show.

According to the provisional data total imports of goods were €896.4 mn compared to €692.9 mn in November 2020, recording an increase of 29.4%.

Imports from other EU Member States in November 2021 were €516.4 mn and from third countries €380.0 mn, compared to €395.5 mn and €297.4 mn respectively in November 2020. Imports in November 2021 include the transfer of economic ownership of mobile transport equipment (vessels and aircrafts), of a total value of €137.7 mn as compared to €111.5 mn in November 2020.

According to CyStat, total exports of goods in November 2021 were €368.7 mn compared to €147.6 mn in November 2020, recording an increase of 149.7%.

Exports to other EU Member States in November 2021 were €98.8 mn and to third countries €269.9 mn, compared to €48.1 mn and €99.5 mn respectively in November 2020. Exports in November 2021 include the transfer of economic ownership of mobile transport equipment (vessels and aircrafts), with total value of €148.4 mn as compared to €9.4 mn in November 2020.

Total imports of goods (from EU Member States and from third countries) in January – November 2021 amounted to €7,744.9 mn as compared to €6,928.6 mn in January – November 2020, recording an increase of 11.8%.

Total exports of goods (to EU Member States and to third countries) in January - November 2021 were €2,945.8 mn compared to €2,556.0 mn in January - November 2020, registering an increase of 15.3%.

"The trade deficit was €4,799.0 mn in January - November 2021 compared to €4,372.6 mn in the corresponding period of 2020," CyStat says.

At the same time, according to final data for October, total imports of goods (from EU Member States and from third countries) amounted to €714.4 mn in October 2021 as compared to €827.4 mn in October 2020, recording a decrease of 13.7%. 

Exports of domestically produced products, including stores and provisions, in October 2021 were €101.0 mn compared to €94.5 mn in October 2020, recording an increase of 6.9%. Domestic exports of industrial products in October 2021 were €94.6 mn compared to €88.2 mn in October 2020, whilst domestic exports of agricultural products in October 2021 were €5.0 mn compared to €3,8 mn in October 2020.

Exports of foreign products, including stores and provisions, in October 2021 were €338.9 mn as compared to €178.0 mn in October 2020, recording an increase of 90.4%.