Cyprus' trade deficit in the first three months of 2024 recorded a steep drop, mainly driven downwards by the decline in prices and inflation.

According to provisional data published by the Statistical Service of Cyprus (CyStat), the island’s trade deficit was €1,703.6 million in January–March 2024 compared to €2,569.2 mn in the corresponding period of 2023, marking a drop of almost 34% year on year.

Total imports of goods in January–March 2024 declined to €2,519.2 mn as compared to €3,520.0 mn in the respective period of last year, marking an annual fall of 28.4%.

Total exports of goods in January-March 2024 amounted to €815.5 mn compared to €950.8 mn in January-March 2023, registering a decrease of 14.2%, CyDtat added.

In March, total imports of goods in March 2024 stood at €810.1 mn as compared to €1,014.4 mn in March 2023, recording a decrease of 20.1%.

Imports from other EU Member States were €548.9 mn and from third countries €261.2 mn, compared to €636.3 mn and €378.1 mn respectively in March 2023.

Imports in March 2024 include the transfer of economic ownership of vessels, with total value of €9.5 mn as compared to €50 mn in March 2023.

Total exports of goods in March 2024 were €261.0 mn as compared to €374.8 mn in March 2023, recording a decrease of 30.4%.

Exports to other EU Member States were €113.8 mn and to third countries €147.2 mn, compared to €78.8 mn and €296 mn respectively in March 2023.

Exports in March 2024 include the transfer of economic ownership of vessels, with total value of €36.6 mn as compared to €139.6 mn in March 2023, Cystat said.

For the period of January – February Cyprus trade deficit marked an annual drop of 40%.