Trade deficit surges by 33% in 2022

Cyprus trade deficit increased by 33% or by €1,747.2 million in 2022, since the significant increase in exports failed to offset the even greater increase in imports.

According to provisional data by the Statistical Service of Cyprus, the trade deficit was €7,025.5 mn in January–December 2022 compared to €5,278.3 mn in the corresponding period of 2021.

Total imports of goods in December 2022 were €800.0 mn as compared to €723.6 mn in December 2021, recording an increase of 10.6%. Imports from other EU Member States were €505.1 mn and from third countries €294.8 mn, compared to €456.9 mn and €266.7 mn respectively in December 2021.

Imports in December 2022 include the transfer of economic ownership of mobile transport equipment (vessels), with a total value of €64.6 mn as compared to €23.7 mn in December 2021.

Total exports of goods in December 2022 were €590.5 mn as compared to €351.4 mn in December 2021, recording an increase of 68.1%. Exports to other EU Member States were €78.9 mn and to third countries €511.6 mn, compared to €79.7 mn and €271.6 mn respectively in December 2021.

Exports in December 2022 include the transfer of economic ownership of mobile transport equipment (vessels and aircrafts), with a total value of €412.3 mn as compared to €173.7 mn in December 2021.

Total imports of goods in January– December 2022 amounted to €11,203.1 mn as compared to €8,651.7 mn in January– December 2021, recording an increase of 29.5%. Total exports of goods in January– December 2022 were €4,177.7 mn compared to €3,373.4 mn in January– December 2021, registering an increase of 23.8%.

According to the final data for November 2022, total imports of goods amounted to €1,008.8 mn in as compared to €937.1 mn in November 2021, recording an increase of 7.7%.

Exports of domestically produced products, including stores and provisions, in November 2022 were €97.7 mn as compared to €145.9 mn in November 2021, recording a decrease of 33.0%.

Domestic exports of industrial products in November 2022 were €90.8 mn compared to €138.7 mn in November 2021, whilst domestic exports of agricultural products in November 2022 were €5.9 mn compared to €6.0 mn in November 2021 .

Exports of foreign products, including stores and provisions, in November 2022 were €248.1 mn as compared to €223.7 mn in November 2021, recording an increase of 10.9%.