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Cyprus Trade Deficit Widens in First Half of 2023 Despite Import Decrease

The trade deficit for the first half of 2023 in Cyprus has surged by approximately €574 million compared to the same period last year, as reported by the Cyprus Statistical Service (CyStat) on Wednesday.

Cyprus Trade Deficit Widens in First Half of 2023 Despite Import Decrease

Despite a significant decrease in imports during May and June in comparison to 2022, the trade deficit reached €4,393.6 million for January to June 2023, compared to €3,819.3 million during the corresponding period in 2022.


June saw a notable decline of 18.3% in total imports of goods, amounting to €984.0 million, compared to €1,204.0 million in June 2022. The provisional data for June indicated imports of €596.9 million from other EU member states and €387.1 million from third countries, as opposed to €579.0 million and €625.0 million, respectively, in June 2022.


Significantly, the imports for June 2023 encompassed the transfer of economic ownership of mobile transport equipment (vessels), with a total value of €83.9 million, a notable drop from €364.7 million in June 2022.

In contrast, total exports of goods for June 2023 exhibited an increase of 9.3%, amounting to €320.9 million compared to €293.6 million in June 2022. Exports to other EU member states reached €119.6 million, while exports to third countries stood at €201.3 million. This demonstrated an increase from €107.2 million and €186.5 million, respectively, during June 2022. Furthermore, June 2023 exports included the transfer of economic ownership of mobile transport equipment (vessels), valued at €83.4 million, surpassing the €39.3 million recorded in June 2022.


The overall imports of goods for the first half of 2023 amounted to €6,358.4 million, reflecting a 12% increase from the €5,674.8 million registered during the same period in 2022. Concurrently, total exports of goods for the initial half of 2023 reached €1,964.8 million, marking a 5.9% rise compared to €1,855.4 million during the first half of 2022.


The widening trade deficit for January to June 2023, standing at €4,393.6 million, surpasses the €3,819.3 million recorded during the corresponding period in 2022. Despite a decline in import volumes during May and June, the trade deficit continues to expand, revealing ongoing economic dynamics and challenges within Cyprus' trade landscape.

By fLEXI tEAM



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