Cyprus exports decline sharply while imports see a modest rise

Cyprus saw its trade deficit grow in May 2024, largely due to a significant drop in exports and a slight increase in imports, according to recent data from the Cyprus Statistical Service. The trade deficit for May 2024 was €693.4 million, up from €578.2 million in May 2023.

Imports in May 2024 totaled €1,031.8 million, which is a 3.2% increase from €1,000.0 million in May 2023. Imports from other EU countries reached €611.4 million, up from €594.0 million the previous year. Imports from non-EU countries also rose to €420.4 million, compared to €406.0 million in May 2023. Notably, the transfer of ownership of ships significantly boosted import figures, with vessels valued at €77.0 million compared to €34.6 million in May 2023.

On the flip side, exports in May 2024 plummeted by 19.8%, totaling €338.4 million, down from €421.8 million in May 2023. Exports to EU countries dropped to €89.8 million from €101.3 million, and exports to non-EU countries fell to €248.6 million from €320.5 million. The value of ship transfers in exports also decreased, with €68.6 million in May 2024 compared to €100.8 million in May 2023.

For the period from January to May 2024, total imports were €4,655.7 million, down 14.4% from €5,435.4 million during the same period in 2023. Total exports fell by 9.5%, reaching €1,534.5 million compared to €1,695.9 million in the first five months of 2023. This resulted in a trade deficit of €3,121.2 million for January-May 2024, a decrease from the €3,739.6 million deficit in the same period last year.

However, April 2024 presented a more positive picture. Imports increased by 20.1% to €1,099.2 million from €915.5 million in April 2023. Exports of locally produced goods soared by 80.1% to €219.6 million from €121.9 million in April 2023, driven by a significant rise in industrial and agricultural product exports. In contrast, exports of foreign products fell by 34.9% to €131.1 million from €201.4 million in April 2023.

[With information from CNA]