Cyprus’ trade deficit for the first half of 2024 narrowed to €3.57 billion, down from €4.47 billion in the corresponding period of 2023.
According to a report released on Friday by the Cyprus Statistical Service (Cystat), this reduction in the trade deficit is primarily due to the more significant decrease in imports compared to the slight dip in exports.
Specifically, the total value of imports of goods amounted to €896.9 million in June 2024, marking a 15.3 per cent decrease from the €1.05 billion recorded in June 2023.
The decline was observed in imports from both EU member states and third countries. Imports from other EU member states fell to €538.9 million, down from €615.5 million in June 2023.
Meanwhile, imports from non-EU countries also dropped, reaching €358 million compared to €444.0 million in the same period last year.
It should be noted that the transfer of economic ownership of vessels contributed €70.4 million to the total import value in June 2024, slightly less than the €78.8 million recorded in June 2023.
Conversely, exports saw a notable increase in June 2024. The total value of exports rose to €449.0 million, representing a 39.9 per cent increase from €321 million in June 2023.
Exports to other EU member states experienced a modest rise, reaching €126 million compared to €120.6 million the previous year.
Furthermore, exports to third countries saw a more substantial increase, jumping to €323.0 million from €200.4 million in June 2023.
The transfer of economic ownership of vessels bolstered the export figures, contributing €159.7 million in June 2024, almost doubling the €83.4 million recorded in June 2023.
For the first half of 2024, the total value of imports of goods amounted to €5.55 billion, a 14.4 per cent decrease compared to €6.49 billion in the same period of 2023.
Additionally, the total exports of goods for January to June 2024 decreased by 1.5 per cent, totalling €1.98 billion compared to €2.01 billion during the same period in the previous year.
Meanwhile, the statistical service also released its finalised data for May 2024, which showed that the total value of goods imported during that month reached €1.03 billion, reflecting a 3.7 per cent rise compared to the €1 billion recorded in May 2023.
However, on the export front, the situation was less positive. The total value of domestically produced products exported, including stores and provisions, stood at €192.1 million in May 2024.
This represents a significant 20.2 per cent decrease from the €240.7 million recorded in the same month of the previous year.
A breakdown of the export data reveals that the decline was primarily driven by a drop in industrial product exports.
Domestic exports of industrial products fell to €175.8 million in May 2024, down from €227.9 million in May 2023.
In contrast, the agricultural sector saw a positive trend. Domestic exports of agricultural products increased to €14.9 million in May 2024, up from €11.6 million in May 2023.
Additionally, exports of foreign products, including stores and provisions, also saw a downturn. These exports totalled €148.7 million in May 2024, marking a 17.9 per cent decrease from the €181.1 million recorded in May 2023.
