Cyprus' trade deficit shows a EUR 1.5 billion increase

According to a report released on Monday by the Cyprus Statistical Service, Cyprus' trade deficit was €5.12 billion at the end of the period from January to August 2022, up from €3.63 billion in the similar period of 2021. 

The research states that between January and August 2022, Cyprus' total imports of products from both EU Member States and foreign nations amounted to €7.65 billion, up 36% from €5.62 billion during the same period in 2021.

Additionally, overall exports of goods to EU Member States and foreign nations during this time period was €2.52 billion, up 27% from €1.98 billion during the same period in 2021.

Furthermore, with a share of the total imports of €4.5 billion, the European Union served as Cyprus' largest supplier of commodities.

Additionally, during the aforementioned time frame, imports from the rest of the globe totaled €2.37 billion while imports from all other European nations totaled €715.1 million.

Cyprus exported goods of €726.5 million to the European Union, while exports to all other European nations totaled €273 million.

Finally, between January and August 2022, exports to the rest of the world totalled €1.52 billion.

By fLEXI tEAM