Trade deficit in the first semester of 2023 increased by around pound 574 million, compared to the corresponding period last year, despite the large decrease of imports in May and June compared to 2022. The trade deficit was pound 4,393.6 mn in January-June 2023 compared to pound 3,819.3 mn in the corresponding period of 2022, according to the Statistical Service of Cyprus. An annual decrease of 18.3% was recorded in June as regards the total imports of goods which stood at pound 984.0 mn, compared to pound 1,204.0 mn in June 2022. Provisional data for June ——————— According to the provisional data for June of the Statistical Service of Cyprus, imports from other EU Member States were pound 596.9 mn and from third countries pound 387.1 mn, compared to pound 579.0 mn and pound 625.0 mn respectively in June 2022. Imports in June 2023 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of pound 83.9 mn as compared to pound 364.7 mn in June 2022. Total exports of goods in June 2023 were pound 320.9 mn as compared to pound 293.6 mn in June 2022, recording an increase of 9.3%. Exports to other EU Member States were pound 119.6 mn and to third countries pound 201.3 mn, compared to pound 107.2 mn and pound 186.5 mn respectively in June 2022. Exports in June 2023 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of pound 83.4 mn as compared to pound 39.3 mn in June 2022. Total imports of goods in January-June 2023 amounted to pound 6,358.4 mn as compared to pound 5,674.8 mn in January-June 2022, recording an increase of 12%. Total exports of goods in January-June 2023 were pound 1,964.8 mn compared to pound 1,855.4 mn in January-June 2022, registering an increase of 5.9%. The trade deficit was pound 4,393.6 mn in January-June 2023 compared to pound 3,819.3 mn in the corresponding period of 2022. Final data for May 2023 ————— Regarding May, the final data show that total imports of goods amounted to pound 987.9 mn in May 2023 as compared to pound 1,165.7 mn in May 2022, recording a decrease of 15.3%. The Statistical Service says that exports of domestically produced products, including stores and provisions, in May 2023 were pound 240.4 mn as compared to pound 209.4 mn in May 2022, recording an increase of 14.8%. Domestic exports of industrial products in May 2023 were pound 227.7 mn compared to pound 195.6 mn in May 2022, whilst domestic exports of agricultural products in May 2023 were pound 11.5 mn compared to pound 13 mn in May 2022. Exports of foreign products, including stores and provisions, in May 2023 were pound 134.1 mn as compared to pound 225.7 mn in May 2022, recording a decrease of 40.6%.
Source: Cyprus News Agency