Cyprus’ trade deficit declined to €4.98 billion for the period of January to August 2024, registering an annual reduction of 18.5% compared with €6.12 billion in the respective period of last year.

According to provisional data released on Thursday by the Statistical Service of Cyprus (Cystat) total imports for January – August 2024 declined by 15.5% to €7.57 billion compared to €8.96 billion in the respective period of last year.

Total exports of goods in January-August 2024 amounted to €2.59 billion compared to €2.84 billion in January-August 2023, registering a decrease of 9%.

In August, total imports stood at €948.6 million as compared to €1.243,1 mn in August 2023, recording a decrease of 23%.

Imports from other EU Member States were €564.8 mn and from third countries €383.8 mn, compared to €692.4 mn and €550.7 mn respectively in August 2023.

Imports in August 2024 include the transfer of economic ownership of vessels and aircraft, with total value of €38.8 mn as compared to €246.7 mn in August 2023.

According to Cystat, total exports of goods in August 2024 were €276,4 mn as compared to €422.8 mn in August 2023, recording a decrease of 34.6%.

Exports to other EU Member States were €70,0 mn and to third countries €206.4 mn, compared to €79.1 mn and €343,.7 mn respectively in August 2023, Cystat added.