The trade deficit increased to €2,967.6 mn

The trade deficit was €2,967.6 mn in January – May 2022 compared to €2,265.8 mn in the corresponding period of 2021, according to provisional data, published by the Statistical Service on Monday.

Total imports of goods (from EU Member States and from third countries) for this period amounted to €4,475.9 mn as compared to €3,294.2 mn in January – May 2021, recording an increase of 35.9%. Total exports of goods (to EU Member States and to third countries) in January – May 2022 were €1,508.3 mn compared to €1,028.4 mn in January – May 2021, registering an increase of 46.7%.

Based on the provisional data, in May 2022 total imports of goods were €1,155 mn as compared to €668.1 mn in May 2021, recording an increase of 72.9%. Imports from other EU Member States in May 2022 were €678.4 mn and from third countries €476.6 mn, compared to €483.6 mn and €184.5 mn respectively in May 2021. Imports in May 2022 include the transfer of economic ownership of mobile transport equipment (vessels and aircrafts), with total value of €196.8 mn as compared to €77.6 mn in May 2021.

Total exports of goods in May 2022 were €418 mn as compared to €227.3 mn in May 2021, recording an increase of 83.9%. Exports to other EU Member States in May 2022 were €103.6 mn and to third countries €314.4 mn, compared to €70.9 mn and €156.4 mn respectively in May 2021. Exports in May 2022 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €95.1 mn as compared to €21 mn in May 2021.

In addition, the Statistical Service announced the release of final data on the foreign trade of Cyprus for April 2022. According to those, total imports of goods (from EU Member States and from third countries) amounted to €843.1 mn in April 2022 as compared to €694.8 mn in April 2021, recording an increase of 21.3%. 

Exports of domestically produced products, including stores and provisions, in April 2022 were €136.2 mn as compared to €146.5 mn in April 2021, recording a decrease of 7%. Domestic exports of industrial products in April 2022 were €120.1 mn compared to €135.5 mn in April 2021, whilst domestic exports of agricultural products in April 2022 were €13 mn compared to €9.7 mn in April 2021.

Exports of foreign products, including stores and provisions, in April 2022 were €147.1 mn as compared to €95.6 mn in April 2021, recording an increase of 53.9%.

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