Cyprus trade deficit in 2023 rose to €8.57 billion, up by 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 €12,764 million compared to €11,470 million in January–December 2022, recording an increase of 11.3%.

Total exports of goods in January- December 2023 decline by 0.5%. dropping to €4,189 million from to €4,209 million in January–December 2022.

The trade deficit was €8.575 million in January–December 2023 compared to €7,261 million in the corresponding period of 2022, CyStat added.

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

Imports from other EU Member States were €563.6 mn and from third countries €281.7 mn, compared to €547,4 mn and €299,9 mn respectively in December 2022. Imports in December 2023 include the transfer of economic ownership of mobile transport equipment, with total value of €3.8 mn as compared to €81.7 mn in December 2022.

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

Exports to other EU Member States were €71.7 mn and to third countries €195.6 mn, compared to €81.3 mn and €512 mn respectively in December 2022.

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