ECONOMY

Cyprus trade deficit rises significantly in February-March

Cyprus trade deficit rises significantly in February-March

Cyprus’ trade deficit amounted to 429 million euros in February, according to the final data on the month’s trade published by the Cypriot Statistical Service (CyStat) this week. Additionally, preliminary data from CyStat show that the trade deficit for March 2022 reached €729 million.

Total imports of goods from fellow European Union member-states and from third countries amounted to €727.6 million in February 2022, as compared to €744.2 million in February 2021, recording a decrease of 2.2%.

Exports of domestically produced products in February 2022 came to €151.3 million as compared to €110.2 million in February 2021, posting an increase of 37.3%.

Exports of industrial products in February 2022 amounted to €142.1 million compared to €102.1 million in February 2021, while exports of agricultural products in February 2022 came to €8.1 million compared to €6.9 million last year.

Exports of foreign products in February 2022 were €147.3 million as compared to €69.2 million in February 2021, recording an increase of 112.9%.

In addition, preliminary data on March foreign trade were released on Tuesday. According to the CyStat report, total imports of goods amounted to €998.1 million as compared to €596.5 million in March 2021, posting a rise of 67.3%.

Imports from other EU member-states in March 2022 came to €594.7 million and from third countries €403.5 million, compared to €413.5 million and €183 million respectively in March 2021. Imports in March 2022 include the transfer of ownership of mobile transport equipment (vessels), which totaled €159.2 million, as compared to €27.7 million in March 2021.

On the other hand, total exports of goods in March 2022 amounted to €268.6 million as compared to €223.4 million in March 2021, recording an increase of 20.3%. Exports to fellow EU member-states in March 2022 were €82.6 million and to third countries €186 million, compared to €70.2 million and €153.1 million respectively in March 2021. Exports in March 2022 include the transfer of ownership of mobile transport equipment (vessels and aircrafts), which had a total value of €29.9 million, as compared to €45.4 million in March 2021.

Total imports of goods from other EU member-states and from third countries in January-March 2022 amounted to €2.4742 billion as compared to €1.9313 billion in January-March 2021, recording an increase of 28.1%.

Total exports of goods to the other 26 EU member-states and to third countries in January-March 2022 amounted to €789.7 million, compared to €559 million in January-March 2021, registering an increase of 41.3%. The trade deficit was €1.6845 billion in January-March 2022 compared to €1.3723 billion in the corresponding period of 2021.

On Thursday data from the Passenger Survey conducted by CyStat showed that revenue from tourism in February 2022 increased by €35.8 million compared to the corresponding month of 2021.