trade deficit import and export dynamics

Cyprus Trade Deficit Surges by €960 Million to €7.28 Billion

The trade deficit of Cyprus has surged by €960 million to €7.28 billion from January to October 2023, with imports rising by €1.23 billion compared to the previous year, outpacing the 8.4 percent growth in exports, resulting in a significant imbalance. The increase in import activity and the decrease in exports reflect changes in global market prices and the economic landscape, prompting the need for policy interventions and market strategies to address the growing trade deficit.