articles | 11 January 2022

Cyprus trade deficit rose by nearly 10% in 2021

The Cyprus Statistical Service (Cystat) announced on Monday that, according to preliminary data, the country’s trade deficit increased by 9.75% during the first eleven months of 2021.

“The trade deficit was € 4.799 billion for the period between January and November 2021, compared to €4.372.6 billion for the corresponding period of 2020,” the service said in a statement.

In more detail, the total imports of goods up to November of 2021 came up to €896.4 million, a year-on-year increase of 29.4% on the previous figure of €692.9 million.

Imports from European Union member states up to November of 2021 were € 516.4 million, while imports from third countries came up to €380 million. The same figures for 2020 stood at €395.5 million and €297.4 million respectively.

Imports during this time include the ownership transfer of mobile transport equipment, such as ships and aircraft, with a total value of €137.7 million compared to €111.5 million during the same period of the previous year.

In addition, the total exports of goods up to November of 2021 were €368.7 million compared to €147.6 million in November of 2020, a year-on-year increase of 149.7%.

Exports to EU member states until November of 2021 totalled €98.8 million, while exports to third countries came up to €269.9 million. Export figures during the previous year stood at €48.1 million for EU member states and €99.5 million for third countries.

As with imports, exports recorded up to November of 2021 include the ownership transfer of mobile transport equipment, which had a total value of €148.4 million compared to €9.4 million a year before.

Moreover, the total imports of goods, from both EU member states and third countries, for the period between January and November of 2021 were €7.744.9 billion compared to €6.928.6 billion during the corresponding period in 2020, reflecting a year-on-year increase of 11.8%.

At the same time, the total exports of goods, both to EU member states and third countries, for the first eleven months of 2021 came up to €2.945.8 billion, a 15.3% year-on-year increase over the previous figure of €2.556 billion.

According to the finalised data for October of 2021, total imports of goods, both from the EU, as well as third countries, amounted to €714.4 million, a 13.7% year-on-year drop. The same figure stood at €827.4 million in October of 2020.

Exports of locally produced products, including ship and aircraft supplies, for October of 2021 were worth a total of €101 million compared to €94.5 million in October of 2020, registering a year-on-year increase of 6.9%.

The value of exports of industrial products for October of 2021 came up to €94.6 million compared to €88.2 million in October of the previous year, while the value of exports of agricultural products for October of 2021 came up to €5 million, €1.2 million higher than the previous year’s figure of €3.8 million.

Finally, the exports of foreign products, including the supplies of ships and aircraft, for October of 2021 came up to €338.9 million, a 90.4 year-on-year increase over the previous figure of €178 million.

Source: Cyprus Mail

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