Cyprus Foreign trade deficit dropped by annual 41% in the first two months of 2024, according to preliminary data released by the Statistical Service of Cyprus (Cystat).

Driven downwards mainly by reduced imports, the island’s trade deficit amounted to €1,144.4 million (mn) in in January–February 2024 compared to €1,929.6 mn in the respective period of 2023.

According to Cystat, total imports of goods in January–February 2024 amounted to €1,698.4 mn compared to €2,505.6 mn in January–February 2023, recording a decrease of 32.2%.

Total exports of goods in January-February 2024 were €554.1 mn compared to €576 mn in January–February 2023, registering a decrease of 3.8%.

Furthermore, in February 2024, total imports of goods amounted at €841.1 mn compared to €770.5 mn in February of last year, registering an increase of 9.2%. Imports from other EU Member States were €543.8 mn and from third countries €297.3 mn, compared to €536.2 mn and €234.2 mn respectively in February 2023.

Imports in February 2024 include the transfer of economic ownership of vessels, with total value of just €1.9 mn, compared to €56.8 mn in February 2023, Cystat added.