A large increase was recorded in the trade deficit in January 2023 according to preliminary data published on Monday by the Statistical Service, since the increase in imports was more than three times the increase in exports.
The trade deficit reached pound 1,393.3 million in January 2023 compared to pound 528.7 million in the corresponding month of 2022, recording an increase of 163.5%.
A significant increase of 127.4% was recorded on total imports of goods which in January 2023 were pound 1,707.8 million compared to pound 751.2 mln in January 2022. Imports from other EU Member States were pound 501.5 mln and from third countries pound 1,206.3 mln compared to pound 525.8 mln and pound 225.4 mln respectively in January 2022. Imports in January 2023 include the transfer of economic property of mobile transport equipment (vessels), with total value of pound 926.1 mln compared to pound 73.7 mln in January 2022.
Total exports of goods in January 2023 were pound 314.4 mln as compared to pound 222.4 mln in January 2022, recording an increase of 41.4%. Exports to other EU Member States were pound 68.1 mln and to third countries pound 246.3 mln , compared to pound 70.7 mln and pound 151.7 mln respectively in January 2022. Exports in January 2023 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of pound 106.9 mln as compared to pound 63.7 mn in January 2022.
Final Data for December 2022
——————————–
The Statistical Service announced the final data for December on Monday, as well. Total imports of goods amounted to pound 808.5 mln in December 2022 as compared to pound 723.6 mln in December 2021, recording an increase of 11.7%.
Exports of domestically produced products, including stores and provisions, in December 2022 were pound 103 mln as compared to pound 101.2 mln in December 2021, recording an increase of 1.8%. Domestic exports of industrial products in December 2022 were pound 94.8 mln compared to pound 92.7 mln in December 2021, whilst domestic exports of agricultural products in December 2022 were pound 7.3 mln compared to pound 7.1 mln in December 2021.
Exports of foreign products, including stores and provisions, in December 2022 were pound 487.1 mln as compared to pound 250.1 mln in December 2021, recording an increase of 94.8%.
Source: Cyprus News Agency