Trade deficit increased annually by €1.5 bln

Trade deficit increased by €1.5 billion in the period from January to August 2022, compared to the same period of 2021, according to provisional data issued by the Statistical Service of Cyprus for August 2022. The deficit was €5,120.1 million in January-August 2022, increased from €3,587.5 in January-August 2021.

Additionally, total imports of goods (from EU Member States and from third countries) in January – August 2022 amounted to €7,640.2 mn as compared to €5,548.4 mn in January – August 2021, recording an increase of 37.7%. Total exports of goods (to EU Member States and to third countries) in January – August 2022 were €2,520.1 mn compared to €1,960.9 mn in January – August 2021, registering an increase of 28,5%.

According to the provisional data, in August, total imports of goods were €944 mn, as compared to €706.2 mn in August 2021, recording an increase of 33.7%. Imports from other EU Member States in August 2022 were €601.8 mn and from third countries €342.2 mn, compared to €458.8 mn and €247.4 mn respectively in August 2021. Imports in August 2022 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €88.5 mn as compared to €118.4 mn in August 2021.

At the same time, total exports recorded a decrease of 10.4% in August 2022, since they were €254.3 mn as compared to €283.8 mn in August 2021. Exports to other EU Member States in August 2022 were €76.7 mn and to third countries €177.6 mn, compared to €53.6 mn and €230.2 mn respectively in August 2021. Exports in August 2022 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €19.7 mn as compared to €96.3 mn in August 2021.

The Statistic Service issued on Monday the final data for the foreign trade for July 2022. According to these, total imports of goods (from EU Member States and from third countries) amounted to €1,033.1 mn in July 2022 as compared to €782.3 mn in July 2021, recording an increase of 32.1%. 

Exports of domestically produced products, including stores and provisions, in July 2022 were €173.3 mn as compared to €149.2 mn in July 2021, recording an increase of 16.2%. Domestic exports of industrial products in July 2022 were €166.5 mn compared to €143.3 mn in July 2021, whilst domestic exports of agricultural products in July 2022 were €5.3 mn compared to €4.5 mn in July 2021.

Exports of foreign products, including stores and provisions, in July 2022 were €243.6 mn as compared to €202.9 mn in July 2021, recording an increase of 20.1%.

The above data are included in the monthly electronic publication “Intra & Extra EU Trade Statistics (Summarised Data)” for July 2022, which is available free of charge οn the CYSTAT portal, under the section “Publications” in the statistical theme External Trade.