Trade deficit down to €2,453 mn in January–April 2024

The trade deficit was €2,453 mn in January–April 2024 compared to €3,161.3 mn in the corresponding period of 2023, according to provisional data for April, published on Monday by the Cyprus Statistical Service.

According to the data, total imports of goods in January–April 2024 amounted to €3,619.6 mn compared to €4,435.4 mn in January–April 2023, recording a drop of 18.4%.

At the same time, total exports of goods in January-April 2024 were €1,166.6 mn compared to €1,274.1 mn in January-April 2023, registering a decrease of 8.4%.

For April 2024, provisional data show that total imports of goods were €1,094.1 mn compared to €915.5 mn in April 2023, recording an increase of 19.5%. Imports from other EU Member States were €648.4 mn and from third countries €445.7 mn, compared to €573.1 mn and €342.3 mn respectively in April 2023.

Imports in April 2024 include the transfer of economic ownership of vessels and aircrafts, with a total value of €155.6 mn compared to €100.3 mn in April 2023.

Total exports of goods in April 2024 were €351 mn compared to €323.3 mn in April 2023, recording an increase of 8.6%. Exports to other EU Member States were €108.6 mn and to third countries €242.5 mn, compared to €90.2 mn and €233.1 mn respectively in April 2023.

Exports in April 2024 include the transfer of economic ownership of vessels, with a total value of €38.3 mn compared to €122.6 mn in April 2023.

Moreover, the Statistical Service has published the final data for March 2024 trade. Total imports of goods amounted to €816.8 mn in March 2024 as compared to €1,014.4 mn in March 2023, recording a decrease of 19.5%.

Exports of domestically produced products, including stores and provisions, in March 2024 were €150.1 mn compared to €163.4 mn in March 2023, recording a decrease of 8.1%.

Domestic exports of industrial products in March 2024 were €139.5 mn compared to €152.4 mn in March 2023, whilst domestic exports of agricultural products in March 2024 were €9.8 mn compared to €10.1 mn in March 2023. Exports of foreign products, including stores and provisions, in March 2024 were €110.9 mn compared to €211.4 mn in March 2023, recording a decrease of 47.5%.