Cyprus’ trade deficit narrows during first five months of 2024

The trade deficit in Cyprus for the period of January to May 2024 stood at €3.12 billion, reflecting a decrease of 16.5 per cent compared to €3.73 billion during the same period in 2023, according to a report released this week by the Cyprus Statistical Service (Cystat).

The report, which was based on preliminary data, Cyprus’ total imports of goods from January to May 2024 amounted to €4.65 billion, a decline of 14.4 per cent from €5.44 billion in the same period of 2023.

Meanwhile, the total exports of goods for the same period stood at €1.53 billion, down 9.5 per cent from €1.69 billion in January to May 2023.

Preliminary Foreign Trade Data for May 2024

Furthermore, the report showed that total imports of goods in May 2024 stood at €1.03 billion, a 3.2 per cent increase compared to €1 billion in May 2023.

Imports from other EU member states stood at €611.4 million, while imports from third countries €420.4 million, compared to €594 million and €406 million respectively in May 2023.

Imports in May 2024 included the transfer of economic ownership of ships, with a total value of €77 million, up from €34.6 million in May 2023.

Total exports of goods in May 2024 were €338.4 million, marking a 19.8 per cent decrease from €421.8 million in May 2023.

Exports to other EU member states were €89.8 million, and to third countries €248.6 million, compared to €101.3 million and €320.5 million respectively in May 2023.

It should be noted that exports in May 2024 included the transfer of economic ownership of ships, valued at €68.6 million, compared to €100.8 million in May 2023.

Final Data for April 2024

The statistical service also released the final data for external trade in April. According to the finalised report, the total imports of goods stood at €1.09 billion in April 2024, reflecting an increase of 20.1 per cent from €915.5 million in April 2023.

Furthermore, exports of domestically produced goods, including ship and aircraft supplies, were €219.6 million in April 2024, corresponding to an 80.1 per cent increase from €121.9 million in April 2023.

The value of industrial product exports for April 2024 stood at €204.5 million, compared to €111.1 million in April 2023, while the value of agricultural product exports for April 2024 reached €14 million, up from €10 million in April 2023.

Finally, the exports of foreign products, including ship and aircraft supplies, stood at €131.1 million in April 2024, reflecting a decrease of 34.9 per cent from €201.4 million in April 2023.