Cyprus trade deficit decreases 34 per cent in first quarter

Cyprus’ trade deficit narrowed sharply in the first quarter of this year annually, mainly reflecting the deceleration in prices and inflation, according to a report by the Cyprus Statistical Service (Cystat).

According to the report, the trade deficit stood at €1.7 billion for the January-March 2024 period, compared to €2.56 billion in the corresponding period of 2023, recording a decline of almost 34 per cent year-on-year.

Total imports of goods for the January-March 2024 period were €2.51bn compared to €3.52bn for the January-March 2023 period, marking a decrease of 28.4 per cent.

Conversely, total goods exports for the January-March 2024 period were €815.5 million compared to €950.8 million for the January-March 2023 period, reflecting a decrease of 14.2 per cent.

In March, total imports of goods amounted to €810.1m compared to €1.01bn in March 2023, registering a decrease of 20.1 per cent.

Imports from other EU Member States were €548.9m and from third countries €261.2m, compared to €636.3m and €378.1m respectively in March 2023.

Notably, imports in March 2024 include the transfer of economic ownership of vessels, totalling €9.5m compared to €50.0m in March 2023.

Total exports of goods in March 2024 were €261m compared to €374.8m in March 2023, indicating a decrease of 30.4 per cent.

Exports to other EU Member States were €113.8m and to third countries €147.2m, compared to €78.8m and €296.0m respectively in March 2023.

Moreover, exports in March 2024 include the transfer of economic ownership of ships, totalling €36.6m compared to €139.6m in March 2023.

It should be noted that in January-February, the foreign trade deficit had shown a 40 per cent decrease.