Cyprus trade deficit narrows to €4.31 billion in first seven months of 2024

Cyprus’ trade deficit narrowed in the first seven months of 2024, reaching €4.31 billion compared to €5.19 billion during the same period in 2023, according to a report by the Cyprus Statistical Service (Cystat).

This decrease is primarily due to a 12.9 per cent drop in total imports, which amounted to €6.62 billion between January and July 2024, down from €7.60 billion in the same period last year.

In July 2024, total imports fell by 5.1 per cent, totalling €1.05 billion, compared to €1.10 billion in July 2023.

Imports from other EU member states reached €625.40 million, while imports from third countries amounted to €421.10 million.

Notably, imports related to the transfer of economic ownership of vessels in July 2024 were valued at €11.70 million, a sharp drop from €87.70 million in the previous year.

Exports of goods in July 2024 also saw a decline, dropping by 15.9 per cent to €325.10 million from €386.40 million in July 2023.

Moreover, exports to other EU countries amounted to €100.90 million, while exports to third countries totalled €224.20 million.

The transfer of economic ownership of vessels contributed €20 million to exports in July 2024, compared to €61.60 million in July 2023.

For the period from January to July 2024, total exports decreased by 3.8 per cent, falling to €2.31 billion from €2.40 billion in the same period last year.

In June 2024, total imports of goods amounted to €902.10 million, a 14.9 per cent decline compared to €1.06 billion in June 2023.

However, exports of domestically produced products saw a significant increase, rising by 17.4 per cent to €188.30 million from €160.40 million in June 2023.

Exports of industrial products grew to €177.30 million from €152.40 million, while agricultural exports increased to €9.70 million from €6.50 million.

Finally, exports of foreign products surged by 62.5 per cent in June 2024, reaching €261 million, up from €160.60 million in June 2023.