The trade deficit increases by 19% in January 2022

The trade deficit increased in January 2022 by 19.4%, to € 518.72 million, compared to € 434.34 million in January last year, according to provisional data, published by the Statistical Service of Cyprus.

At the same time, according to final data on the foreign trade of Cyprus for December 2021, the total imports of goods and the exports for domestically produced products decreased, while the exports of foreign products increased. For the whole of 2021, the trade deficit of Cyprus amounted to € 5.24 billion, from € 4.89 billion in 2020.

Specifically, total imports of goods were €724 mn as compared to €590.6 mn in January 2021, recording an increase of 22.6%. Imports from other EU Member States in January 2022 were €498.8 mn and from third countries €225.1 mn, compared to €368.9 mn and €221.7 mn respectively in January 2021.

Imports in January 2022 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €73.7 mn as compared to €118.1 mn in January 2021.

Moreover, total exports of goods in January 2022 were €205.2 mn as compared to €156.3 mn in January 2021, recording an increase of 31.3%.

Exports to other EU Member States in January 2022 were €70,6 mn and to third countries €134.6 mn, compared to €64.6 mn and €91.6 mn respectively in January 2021.

Exports in January 2022 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €45.2 mn as compared to €35.7 mn in January 2021.

Also, total imports of goods (from EU Member States and from third countries) amounted to €703.6 mn in December 2021 as compared to €713.5 mn in December 2020, recording a decrease of 1.4%. 

Exports of domestically produced products, including stores and provisions, in December 2021 were €100.1 mn as compared to €107.4 mn in December 2020, recording a decrease of 6.8%.

Domestic exports of industrial products in December 2021 were €91.3 mn compared to €98.9 mn in December 2020, whilst domestic exports of agricultural products in December 2021 were €6.9 mn compared to €6.2 mn in December 2020.

Exports of foreign products, including stores and provisions, in December 2021 were €232.3 mn as compared to €83.1 mn in December 2020, recording an increase of 179.5%.