ECONOMY

Cypriot trade deficit rises in 2021

Cypriot trade deficit rises in 2021

Despite a greater percentage increase in Cypriot exports compared to imports, the island’s trade deficit increased in 2021 by 349 million euros compared to 2020, reaching €5.24 billion, with the European Union being the main source of goods to Cyprus with €5.51 billion of total imports.

According to the Cyprus Statistical Service (CyStat), the trade deficit amounted to €5.2445 billion for the period January-December 2021, compared to €4.8955 billion in the corresponding period of 2020.

In particular, total imports of goods (from EU member-states and third countries) for 2021 came to €8.5312 billion, compared to €7.6421 billion for 2020, an increase of 11.6%.

Total exports of goods in 2021 added up to €3.2867 billion compared to €2.7466 billion in 2020, an increase of 19.7%.

The EU was the main source of goods supplied to Cyprus, accounting for €5.5196 billion of total imports, while imports from other European countries reached €659 million. Imports from the rest of the world totaled €2.3526 billion.

Exports to the EU amounted to €874.8 million, while exports to other European countries stood at €411.4 million. Exports to the rest of the world were just over €2 billion.