Cyprus trade deficit increased by pound 962.3 million during the period of January-November 2023 compared to the corresponding period of 2022, according to preliminary data released by the Statistical Service of Cyprus.

The January-November 2023 period marked an overall import increase of 12.0%, hitting pound 11,896.6 million. Correspondingly, total exports amounted to pound 3,927.1 million, reflecting an 8.6% uptick compared to the same period in 2022. Despite these positive trends, the trade deficit continued to widen, posing economic challenges at pound 7,969.5 million.

Total imports of goods in November 2023 were pound 1,057.6 mn as compared to pound 1,026.7 mn in November 2022, recording an increase of 3.0%. Imports from other EU member states were pound 603.3 mn and from third countries pound 454.4 mn, compared to pound 619.4 mn and pound 407.3 mn respectively in November 2022. Imports in November 2023 include the transfer of economic ownership of mobile transport equipment, with a total value of pou
nd 119.5 mn compared to pound 161.9 mn in November 2022.

Total exports of goods in November 2023 were pound 379.5 mn compared to pound 347.5 mn in November 2022, recording an increase of 9.2%. Exports to other EU member states were pound 88.1 mn and to third countries pound 291.5 mn, compared to pound 78.4 mn and pound 269.2 mn respectively in November 2022. Exports in November 2023 include the transfer of economic ownership of mobile transport equipment, with a total value of pound 47.2 mn as compared to pound 161.3 mn in November 2022.

According to the final results for October 2023, total imports of goods amounted to pound 1,029.0 mn compared to pound 940.4 mn in October 2022, recording an increase of 9.4%. Exports of domestically produced products, including stores and provisions, in October 2023 were pound 165.1 mn compared to pound 163.6 mn in October 2022, recording an increase of 0.9%.

Domestic exports of industrial products in October 2023 were pound 159.5 mn compared to pound 157.5 mn in October
2022, whilst domestic exports of agricultural products in October 2023 were pound 4.1 mn compared to pound 5.0 mn in October 2022. Exports of foreign products, including stores and provisions, in October 2023 were pound 114.8 mn compared to pound 254.4 mn in October 2022, recording a decrease of 54.9%.

Source: Cyprus News Agency