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12° Nicosia,
26 June, 2024
 

Cyprus trade deficit shrinks by €708 million

Significant drop in imports drives improvement in first four months of 2024

Newsroom

The trade deficit in Cyprus decreased by €708 million in January-April 2024 compared to the same period in 2023, driven by a significant 18.4% drop in imports, according to the Statistical Office.

The trade deficit for January-April 2024 was €2,453.0 million, down from €3,161.3 million in the corresponding period of the previous year.

Total imports of goods for January-April 2024 amounted to €3,619.6 million, a decrease from €4,435.4 million in January-April 2023. Meanwhile, total goods exports for the same period were €1,166.6 million, down 8.4% from €1,274.1 million in the previous year.

Preliminary data for April 2024

In April 2024, total imports of goods increased to €1,094.1 million from €915.5 million in April 2023, marking a 19.5% rise. Imports from other EU Member States were €648.4 million, and from third countries, €445.7 million, compared to €573.1 million and €342.3 million, respectively, in April 2023. Imports in April 2024 included €155.6 million from the transfer of economic ownership of ships and aircraft, up from €100.3 million in April 2023.

Total exports of goods in April 2024 were €351.0 million, up 8.6% from €323.3 million in April 2023. Exports to other EU member states were €108.6 million, and to third countries, €242.5 million, compared to €90.2 million and €233.1 million, respectively, in April 2023. Exports in April 2024 included €38.3 million from the transfer of economic ownership of ships, compared to €122.6 million in April 2023.

Final figures for March 2024

Total imports of goods in March 2024 were €816.8 million, a decrease from €1,014.4 million in March 2023. Exports of domestically produced goods, including ship and aircraft supplies, were €150.1 million in March 2024, down from €163.4 million in March 2023, an 8.1% decrease. The value of exports of industrial products in March 2024 was €139.5 million compared to €152.4 million in March 2023, while agricultural product exports were €9.8 million, down from €10.1 million in March 2023.

Exports of foreign goods, including ship and aircraft supplies, for March 2024 were €110.9 million, a significant drop from €211.4 million in March 2023, reflecting a 47.5% decrease.

[Information sourced from CNA]

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