Cyprus’ trade deficit narrowed sharply in the first quarter of this year annually, mainly reflecting the deceleration in prices and inflation, according to a report by the Cyprus Statistical Service (Cystat).
According to the report, the trade deficit stood at €1.7 billion for the January-March 2024 period, compared to €2.56 billion in the corresponding period of 2023, recording a decline of almost 34 per cent year-on-year.
Total imports of goods for the January-March 2024 period were €2.51bn compared to €3.52bn for the January-March 2023 period, marking a decrease of 28.4 per cent.
Conversely, total goods exports for the January-March 2024 period were €815.5 million compared to €950.8 million for the January-March 2023 period, reflecting a decrease of 14.2 per cent.
In March, total imports of goods amounted to €810.1m compared to €1.01bn in March 2023, registering a decrease of 20.1 per cent.
Imports from other EU Member States were €548.9m and from third countries €261.2m, compared to €636.3m and €378.1m respectively in March 2023.
Notably, imports in March 2024 include the transfer of economic ownership of vessels, totalling €9.5m compared to €50.0m in March 2023.
Total exports of goods in March 2024 were €261m compared to €374.8m in March 2023, indicating a decrease of 30.4 per cent.
Exports to other EU Member States were €113.8m and to third countries €147.2m, compared to €78.8m and €296.0m respectively in March 2023.
Moreover, exports in March 2024 include the transfer of economic ownership of ships, totalling €36.6m compared to €139.6m in March 2023.
It should be noted that in January-February, the foreign trade deficit had shown a 40 per cent decrease.
