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Annual Change in May -16,4% in imports and -14,8% in exports

May 2023 - Provisional data

Total imports of goods in May 2023 were €974,5 mn as compared to €1.165,7 mn in May 2022, recording a decrease of 16,4%. Imports from other EU Member States were €578,9 mn and from third countries €395,6 mn, compared to €684,3 mn and €481,4 mn respectively in May 2022. Imports in May 2023 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €32,0 mn as compared to €202,1 mn in May 2022.

Total exports of goods in May 2023 were €370,9 mn as compared to €435,1 mn in May 2022, recording a decrease of 14,8%. Exports to other EU Member States were €99,8 mn and to third countries €271,1 mn, compared to €120,6 mn and €314,5 mn respectively in May 2022. Exports in May 2023 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €51,6 mn as compared to €110,8 mn in May 2022.

Total imports of goods in January–May 2023 amounted to €5.356,6 mn as compared to €4.470,8 mn in January–May 2022, recording an increase of 19,8%. Total exports of goods in January–May 2023 were €1.623,2 mn compared to €1.561,8 mn in January–May 2022, registering an increase of 3,9%. The trade deficit was €3.733,4 mn in January–May 2023 compared to €2.909,0 mn in the corresponding period of 2022.

April 2023 - Final data

Total imports of goods amounted to €890,0 mn in April 2023 as compared to €838,6 mn in April 2022, recording an increase of 6,1%.

Exports of domestically produced products, including stores and provisions, in April 2023 were €121,6 mn as compared to €136,9 mn in April 2022, recording a decrease of 11,2%. Domestic exports of industrial products in April 2023 were €110,7 mn compared to €123,0 mn in April 2022, whilst domestic exports of agricultural products in April 2023 were €10,2 mn compared to €13,1 mn in April 2022.

Exports of foreign products, including stores and provisions, in April 2023 were €181,8 mn as compared to €142,1 mn in April 2022, recording an increase of 27,9%.

More data is published in the monthly publication ‘Intra – Extra EU Trade Statistics (Summarised Data) – April 2023’ and to the database CYSTAT-DB, under the subtheme External Trade.

Table

Note: Data for March and April 2023 have been revised. Data for May 2023 is provisional.

Methodologican information

Statistical Value

The statistical value is the value of the goods at the time and place they cross the border of Cyprus.

Domestic and Foreign Goods

Domestically produced goods are goods wholly obtained in Cyprus or goods produced in another country but their last economically substantial processing or processing that led to the manufacture of a new product or representing an important stage of manufacture, took place in Cyprus. Goods that were originally imported and have undergone repair or other minor operations which leave them essentially unchanged are not defined as domestic.

Foreign goods are goods which were not produced in the economic territory of Cyprus and compensating goods obtained under the outward processing procedure when such processing confers foreign origin.

Partner Country

Intra-EU exports and extra-EU exports are classified by the Member State of the EU and country of final destination of the goods, respectively. The last country to which the goods are known to be specifically directed on their outward movement from the reporting country is regarded as their final destination.

For extra-EU imports, the trading partner is the country of origin. In general, goods obtained entirely from a given country originate in that country. A product in the production of which two or more countries are involved, is considered as originating in the country in which the last substantial, economically justified transformation or processing took place, resulting in the manufacture of a new product or representing an important stage of manufacture.

For intra-EU imports, the trading partner is the Member State of consignment of the goods.

The United Kingdom is considered as an extra-EU partner country for the EU. Imports from the United   Kingdom are recorded by country of consignment until 31 December 2020. As of January 2021 onwards, for trade with Northern Ireland imports are recorded by country of consignment while for trade with the United Kingdom (excluding Northern Ireland) imports are recorded by country of origin. For these reasons data on trade with the United Kingdom are not fully comparable with data on trade with other extra-EU trade partners for reference periods before and after the end of 2020.

For more information visit the CYSTAT Portal, subtheme External Trade --> CYSTAT-DB (Online Database), Predefined Tables (Excel), Publications, Methodological Information, or contact Ms Ioanna Leontiou, at telephone 22605122 or at e-mail address ileontiou@cystat.mof.gov.cy.

The Predefined Tables, available in Excel format, include data up to December 2022. Data from January 2023 onwards are available only in the CYSTAT-DB Online Database.

(AP/SCH)