Cyprus’ trade deficit drops to €5.6 billion in first 9 months

Cyprus’ trade deficit narrowed to €5.6 billion for the first nine months of 2024, down from €6.78 billion in the same period of 2023, according to a report from the Cyprus Statistical Service (Cystat).

Specifically, Cyprus saw a 14.3 per cent drop in total imports for September 2024, reaching €944.2 million, compared to €1.1bn in the same month last year.

Imports from other EU Member States were valued at €592.9m, while imports from third countries totalled €351.3m, compared to €638.5m and €462.9m respectively in September 2023.

It should be noted that the transfer of economic ownership of vessels contributed €28.9m to September’s imports, marking a rise from €7.9m in the previous year.

The year-to-date figures for January to September 2024 further reflect a downward trend, with imports dropping by 15.2 per cent to €8.53bn, compared to €10.07bn over the same period in 2023.

Exports also fell by 10.6 per cent, reaching €2.94bn from €3.29bn last year.

August figures showed a similar pattern, with total imports at €966.6m, a 22.2 per cent decrease compared to €1.24bn in August 2023.

Exports of domestically produced products, including stores and provisions, were €192.7m, down 12.5 per cent from €220.3m in August last year.  

While domestic exports of industrial products reached €185.4m, exports of agricultural products rose slightly to €6.5m from €5.5m in August 2023. 

Finally, foreign product exports, including stores and provisions, saw a substantial decrease, reaching €84m in August 2024, down 58.5 per cent from €202.5m in the previous year.