Cyprus trade deficit shrinks by €710 million in first four months of 2024

Cyprus’ trade deficit for the period spanning January to April 2024 stood at €2.45 billion, a significant reduction from the €3.16 billion recorded in the corresponding period of the previous year, according to a report released on Monday by the Cyprus Statistical Service (Cystat).

According to the report, the total imports of goods saw a notable increase in April of this year, reaching €1.09bn, up from €915.5 million in April 2023, marking an increase of 19.5 per cent.

This rise is attributed to a significant uptick in imports from other EU Member States, which climbed to €648.4m from €573.1m, and from third countries, which increased to €445.7m from €342.3m.

Additionally, the month included substantial transfers in the economic ownership of vessels and aircraft, valued at €155.6m, up from €100.3m the previous year.

Conversely, total exports of goods in April 2024 also rose but at a more moderate rate, totalling €351m compared to €323.3m in April 2023, a growth of 8.6 per cent.

Exports to other EU Member States increased to €108.6m from €90.2m, and exports to third countries rose to €242.5m from €233.1m.

However, the total value of exported vessels decreased significantly, totalling €38.3m compared to €122.6m in the previous year.

For the first four months of 2024, January to April, total imports amounted to €3.61bn, down from €4.43bn during the same period in 2023, recording a decrease of 18.4 per cent.

Total exports also declined, totalling €1.1bn, compared to €1.27bn in January-April 2023, showing a decrease of 8.4 per cent.

As a result, the trade deficit for January-April 2024 stood at €2.45bn, marking a notable reduction from €3.16bn in the corresponding period of the previous year.

March alone presented a challenging month, with total imports of goods decreasing sharply by 19.5 per cent to €816.8m from €1.01bn in March 2023.

Exports of domestically produced products also saw a downturn, totalling €150.1m, down from €163.4m, a decrease of 8.1 per cent.

This included industrial products at €139.5m from €152.4m, and agricultural products slightly decreasing to €9.8m from €10.1m.

Finally, exports of foreign products, including stores and provisions, experienced a significant drop of 47.5 per cent to €110.9m from €211.4m.