Cyprus trade deficit soars in January
Cyprus’ trade deficit jumped in January 2023, according to preliminary data published on Monday by the country’s Statistical Service (CyStat), since the increase in imports was more than three times the increase in exports.
The trade deficit reached 1.39 billion euros in January 2023 compared to €528.7 million in the corresponding month of 2022, recording an increase of 163.5%.
A significant increase of 127.4% was recorded in total imports of goods, which in January 2023 came to €1.71 billion, compared to €751.2 million in January 2022. Imports from other EU member-states stood at €501.5 million and from third countries €1.2 billion, compared to €525.8 million and €225.4 million respectively in January 2022. Imports in January 2023 include the transfer of economic property of mobile transport equipment (vessels) of a total value of €926.1 million, compared to €73.7 million in January 2022.
Total exports of goods in January 2023 came to €314.4 million, compared to €222.4 million in January 2022, recording an increase of 41.4%. Exports to other EU member-states stood at €68.1 million and to third countries €246.3 million, compared to €70.7 million and €151.7 million respectively in January 2022.
