Cyprus Trade Dynamics: Surging Imports Drive Deficit Amidst October Export Decline

Cyprus has experienced a significant upswing in imports during the period from January to October 2023, registering a notable increase of €1.23 billion compared to the same timeframe in 2022, as reported by the Cyprus Statistical Service (Cystat).

This surge has, however, contributed to a widening trade deficit for Cyprus, which has now escalated by €960 million, reaching a total of €7.28 billion, as explained by the statistical service.

The latest report unveiled that total goods imports for the January to October 2023 period amounted to €10.82 billion, indicating a robust 12.9% increase from the €9.59 billion recorded in the corresponding period of 2022. In a similar vein, total goods exports for the same timeframe in 2023 reached €3.54 billion, compared to €3.26 billion in 2022, reflecting an 8.4% increase.

However, data from October 2023 indicated a sharp decline in exports, plummeting by 34.3%, while imports saw a notable increase of 8.6% compared to the previous October, according to preliminary figures from the Statistical Service.

Further analysis of the October 2023 data revealed that total goods imports amounted to €1.02 billion, up from €940.4 million in October 2022, marking an 8.6% increase. Imports from EU member states stood at €604.5 million, with imports from third countries amounting to €416.3 million, compared to €585.1 million and €355.3 million, respectively, in October 2022.

In contrast, total goods exports in October 2023 amounted to €274.8 million, down from €418 million in October 2022, reflecting a 34.3% decrease. Exports to EU member states were €90.7 million, and exports to third countries were €184.1 million, compared to €81.1 million and €336.9 million, respectively, in October 2022.

Final figures from the Statistical Service for September 2023 indicated that total goods imports amounted to €1.07 billion, marking a 22.8% increase from €877.6 million in September 2022. Exports of domestically produced products, including ship and aircraft supplies, stood at €354.6 million in September 2023, reflecting a substantial 231.1% increase from €107.1 million in September 2022.

Additionally, industrial product exports reached €348.7 million in September 2023, compared to €101.2 million in the same month of 2022, while agricultural product exports amounted to €4.6 million, a slight decrease from €4.8 million in September 2022. Exports of foreign products, including ship and aircraft supplies, in September 2023 were €86.7 million, compared to €181.2 million in September 2022, indicating a 52.2% decrease.

By fLEXI tEAM