The trade deficit in Cyprus saw a reduction of €769 million during the period from January to November 2024 compared to the same timeframe in 2023, according to provisional figures released by the Cyprus Statistical Service. This improvement is attributed to a substantial decrease in imports, despite a significant drop in exports.
Key Trends in Imports and Exports
Total imports of goods during the first 11 months of 2024 fell by €1.32 billion (a 10.8% decline), amounting to €10,900.7 million compared to €12,225.6 million in the corresponding period of 2023. Conversely, total exports of goods dropped by €556 million, or 12.9%, to €3,761.1 million, down from €4,317.0 million in 2023.
The trade deficit narrowed to €7,139.6 million in January–November 2024, compared to €7,908.7 million during the same period in 2023.
November 2024 Performance
In November 2024, total imports of goods rose slightly by 2.7% to €1,128.7 million, up from €1,098.6 million in November 2023. Imports from EU Member States amounted to €620.2 million, while those from third countries were €508.5 million. Notably, imports for the economic ownership transfer of vessels totaled €138.8 million, compared to €124.2 million in November 2023.
On the other hand, total exports of goods plummeted by 49.5%, reaching €376.5 million compared to €745.8 million in November 2023. Exports to EU Member States were €77.7 million, while exports to third countries amounted to €298.8 million. Transfers of vessel ownership contributed €54.2 million to exports, a sharp decline from €417.3 million in November 2023.
October 2024 Final Data
Finalized figures for October 2024 revealed a significant rise in total imports, which climbed by 15.8% to €1,223.8 million compared to €1,057.0 million in October 2023.
Exports of domestically produced goods, including stores and provisions, surged by 78.5%, reaching €295.7 million compared to €165.7 million in October 2023. Within this category, industrial product exports grew to €288.5 million, up from €160.0 million, while agricultural product exports increased to €5.9 million, compared to €4.2 million in the previous year.
Exports of foreign products, including stores and provisions, also saw an increase of 26.9%, totaling €147.3 million compared to €116.1 million in October 2023.
Source: Stockwatch Cyprus