Cyprus’ trade deficit experienced a notable reduction in the first ten months of 2024, dropping by €1.18 billion compared to the same period in 2023. This decline was driven primarily by a significant 12.3% reduction in imports, despite a smaller decrease in exports.
Key Figures for January–October 2024
Data released by the Statistical Service highlights that the trade deficit for January–October 2024 stood at €6,374.4 million, a significant improvement from €7,555.9 million during the same timeframe in 2023.
Total goods imported reached €9,758.1 million, a 12.3% decline from the €11,127 million recorded in January–October 2023.
Goods exported totaled €3,383.7 million, marking a 5.3% decrease compared to €3,571.2 million in the previous year.
Performance in October 2024
Provisional data for October 2024 reveals contrasting trends:
Imports rose by 14.5%, amounting to €1,209.9 million, up from €1,057 million in October 2023.
Exports surged by 57%, climbing to €442.3 million from €281.8 million in October 2023.
September 2024 Recap
Finalized data for September 2024 highlighted a different pattern, with imports declining but some export categories showing growth:
This combination of reduced imports and fluctuating export figures underscores the complexity of Cyprus’ trade landscape. The significant decrease in the trade deficit suggests progress in managing external trade dynamics despite ongoing challenges.
Source: Stockwatch Cyprus