Cyprus trade deficit increased by €962.3 million during the period of January–November 2023 compared to the corresponding period of 2022, according to preliminary data released by the Statistical Service of Cyprus.

The January–November 2023 period marked an overall import increase of 12.0%, hitting €11,896.6 million. Correspondingly, total exports amounted to €3,927.1 million, reflecting an 8.6% uptick compared to the same period in 2022. Despite these positive trends, the trade deficit continued to widen, posing economic challenges at €7,969.5 million.

Total imports of goods in November 2023 were €1,057.6 mn as compared to €1,026.7 mn in November 2022, recording an increase of 3.0%. Imports from other EU member states were €603.3 mn and from third countries €454.4 mn, compared to €619.4 mn and €407.3 mn respectively in November 2022. Imports in November 2023 include the transfer of economic ownership of mobile transport equipment, with a total value of €119.5 mn compared to €161.9 mn in November 2022.

Total exports of goods in November 2023 were €379.5 mn compared to €347.5 mn in November 2022, recording an increase of 9.2%. Exports to other EU member states were €88.1 mn and to third countries €291.5 mn, compared to €78.4 mn and €269.2 mn respectively in November 2022. Exports in November 2023 include the transfer of economic ownership of mobile transport equipment, with a total value of €47.2 mn as compared to €161.3 mn in November 2022.

According to the final results for October 2023, total imports of goods amounted to €1,029.0 mn compared to €940.4 mn in October 2022, recording an increase of 9.4%. Exports of domestically produced products, including stores and provisions, in October 2023 were €165.1 mn compared to €163.6 mn in October 2022, recording an increase of 0.9%.

Domestic exports of industrial products in October 2023 were €159.5 mn compared to €157.5 mn in October 2022, whilst domestic exports of agricultural products in October 2023 were €4.1 mn compared to €5.0 mn in October 2022. Exports of foreign products, including stores and provisions, in October 2023 were €114.8 mn compared to €254.4 mn in October 2022, recording a decrease of 54.9%.