Trade deficit grows further in Cyprus

Cyprus’ trade deficit amounted to 2.96 billion euros in January-May 2022, compared to €2.26 billion in the corresponding period of 2021, according to provisional data published by the country’s Statistical Service (CyStat) on Monday.

Total imports of goods (from EU member states and from third countries) for this period amounted to €4.47 billion as compared to €3.29 billion in January–May 2021, recording an increase of 35.9%. Total exports of goods in January–May were €1.51 billion compared to €1.03 billion last year, registering a 46.7% rise.

Based on provisional data, in May 2022 total imports of goods were €1.15 billion compared to €668.1 million in May 2021, recording an increase of 72.9%. Imports from other EU member states in May were €678.4 million and from third countries €476.6 million, against €483.6 million and €184.5 million respectively in May 2021. Imports in May 2022 include the transfer of economic ownership of mobile transport equipment (vessels and aircraft), with a total value of €196.8 million, compared to €77.6 million in May 2021.

Exports of goods in May 2022 were €418 million, an 89.3% rise from €227.3 million in May 2021.