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Trade deficit widens on higher imports

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The Cyprus trade deficit widened significantly last year to €8.575 bln compared to €7.261 bln in the same period period of 2022, due mainly to an increase of €1.3 bln in imports and a marginal drop of €20 mln in exports, according to the latest foreign trade statistics for January-December.

The statistical service Cystat said that total imports of goods in 2023 amounted to €12.764 bln compared to €11.470 bln in 2022, an increase of 11.3%.

Total exports of goods in 2023 were €4.189 bln compared to €4.209 bln in 2022, a decrease of 0.5%.

Based on provisional data, Cystat said that total imports of goods in December 2023 were €845.3 mln, compared to €847.3 mln in December 2022, a decrease of 0.2%. Imports from other EU member states reached €563.6 mln and from third countries €281.7 mln, compared to €547.4 mln and €299.9 mln, respectively in December 2022.

Imports in December 2023 include the transfer of economic ownership of mobile transport equipment with total value of €3.8 mln, compared to €81.7 mln in December 2022.

Total exports of goods in December 2023 were €267.3 mln, the second worst month last year, compared to €593.3 mln in December 2022, a decrease of 54.9%.

Exports to other EU member states were €71.7 mln and to third countries €195.6 mln, far less compared to €81.3 mln and €512.0 mln, respectively, in December 2022.

Exports in December 2023 include the transfer of economic ownership of mobile transport equipment with total value of €63.2 mln as compared to €412.3 mln in December 2022.

Revised final data for November 2023 showed that total imports of goods amounted to €1,079.5 mln compared to €1,026.7 mln in November 2022, an increase of 5.1%.

Exports of domestically produced products, including stores and provisions, in November 2023 were €225.5 mln as compared to €97.8 mln in November 2022, an increase of 130.6%. Domestic exports of industrial products in November were €217.2 mln compared to €90.9 mln in November 2022, whilst domestic exports of agricultural products in November were €6.5 mln compared to €5.9 mln in November 2022.

Exports of foreign products, including stores and provisions, in November 2023 were €149.0 mln, compared to €249.7 mln in November 2022, a decrease of 40,3%.