Cyprus' trade deficit for the period from January to October 2023 surged by an annual 15%, reaching €7.29 billion. This marks a significant increase from €6.33 billion during the same period in 2022.

Provisional data released by Cystat reveals that the total imports of goods from January to October 2023 amounted to €10.83 billion. This figure is a 12.9% rise from the €9.60 billion recorded in the corresponding period of 2022.

In contrast, total exports of goods from January to October 2023 showed a more modest increase of 8.4%, amounting to €3.54 billion, up from €3.27 billion in the same period of 2022.

Focusing on October 2023, the total imports of goods stood at €1.02 billion, an 8.6% increase compared to €940.4 million in October 2022. Imports from other EU Member States amounted to €604.5 million, while those from third countries reached €416.3 million. These figures contrast with €585.1 million and €355.3 million, respectively, in October 2022.

Notably, imports in October 2023 included the transfer of economic ownership of mobile transport equipment, valued at €20.8 million, a decrease from €65.5 million in October 2022.

However, total exports of goods in October 2023 experienced a significant decline of 34.3%, amounting to €274.8 million compared to €418 million in October 2022. Exports to other EU Member States were €90.7 million, while exports to third countries totaled €184.1 million. These figures stand in contrast to €81.1 million and €336.9 million, respectively, in October 2022.

It's important to note that the exports in October 2023 did not include the transfer of economic ownership of mobile transport equipment. In contrast, October 2022's export figures included an amount of €153.8 million from this category.