Cyprus’ trade deficit on the rise
Cyprus’ trade deficit jumped to 6.17 billion euros in the period from January to October 2022, surpassing the deficit for the full year 2022 amounting to €5.24 billion, amid price hikes mainly driven by the war in Ukraine.
According to provisional data issued on Monday by the Statistical Service of Cyprus (CyStat), total imports of goods were €901.5 million, compared to €723.4 million in October 2021, recording an increase of 24.6%.
Imports from other European Union member-states in October were €558.3 million and from third countries €343.2 million, compared to €498.4 million and €225.1 million respectively in October 2021.
Imports in October include the transfer of economic ownership of mobile transport equipment (vessels), with a total value of €53.4 million, down from €63.6 million in October 2021.
Total exports of goods in October were €399.9 million, against €462.5 million in October 2021, recording a decrease of 13.5%.
Exports to other EU member-states in October were €79.4 million and to third countries €320.5 million, compared to €72.7 million and €389.8 million respectively a year earlier.
