In January of 2023, Cyprus' trade deficit reached a record high of €1.39 billion

According to preliminary data from the Cyprus Statistical Service (Cystat), Cyprus's trade deficit widened significantly in January 2023, with imports increasing more than three times faster than exports.

In particular, the trade deficit reached €1.39 billion in January 2023, up from €0.53 billion in the same month in 2022, representing a 163.5% rise.

Total goods imports in January 2023 were €1.71 billion, a significant increase of 127.3 percent from €0.75 billion in January 2022.

Imports from other EU Member States totaled €0.50 billion, while imports from third countries totaled €1.21 billion, up from €0.53 billion and €0.23 billion, respectively, in January 2022.

Furthermore, imports in January 2023 include the transfer of economic property of mobile transport equipment (ships) worth €0.93 billion, up from €0.07 billion in January 2022.

Total goods exports in January 2023 were €0.31 billion, up 41.4 percent from €0.22 billion in January 2022.

Furthermore, exports to other EU Member States were €0.07 billion, and exports to third countries were €0.25 billion, compared to €0.07 billion and €0.15 billion in January 2022, respectively.

It should be noted that exports in January 2023 include the transfer of financial ownership of mobile transport equipment (ships) worth €0.11 billion, up from €0.06 billion in January 2022.

The Statistical Service also released the final December figures, revealing that total imports of goods were €0.81 billion in December 2022, up 11.7 percent from €0.72 billion in December 2021.

Exports of domestically produced goods, including ship and aircraft supplies, totaled €0.10 billion in December 2022, up 1.8% from €0.10 billion in December 2021.

Meanwhile, the value of industrial product exports in December 2022 was €0.09 billion, compared to €0.09 billion in December 2021, and the value of agricultural product exports in December 2022 was €0.01 billion, compared to €0.01 billion in December 2021.

Foreign product exports, including ship and aircraft supplies, totaled €0.49 billion in December 2022, a 94.8 percent increase from €0.25 billion in December 2021.

By fLEXI tEAM