Cyprus trade deficit rose 18% in 2023

The Cyprus trade deficit rose to 8.57 billion euros in 2023, up 18% compared with €7.26 billion in the previous year, according to provisional data released by the Statistical Service of Cyprus (CyStat).

Total imports of goods in January-December 2023 amounted to €12.74 billion compared to €11.47 billion in January-December 2022, recording an increase of 11.3%.

Total exports of goods declined by 0.5% in January-December 2023, dropping to €4.19 billion from to €4.21 billion in January-December 2022.

According to CyStat, total imports of goods in December 2023 were €845.3 million compared to €847.3 million in December 2022, recording a decrease of 0.2%.

Imports from other European Union member-states were €563.6 million and from third countries €281.7 million, compared to €547.4 million and €299.9 million respectively in December 2022. Imports in December 2023 include the transfer of economic ownership of mobile transport equipment, of a total value of €3.8 million, compared to €81.7 million in December 2022.

Total exports of goods amounted to €267.3 million in December 2023, as compared to €593.3 million in December 2022, recording a decrease of 54.9%.