In the first two months of 2024, Cyprus experienced a significant annual reduction in its trade deficit, decreasing by 41% compared to the previous year.

The Statistical Service released preliminary data on Tuesday, indicating that the country's trade deficit for January and February 2023 stood at €1.14 billion, down from €1.93 billion in the same period last year.

Total imports of goods for January–February 2024 were €1.698 billion, compared to €2.506 billion for the same period in 2023, marking a decrease of 32.2%.

Similarly, total exports of goods for January–February 2024 were €554.1 million, compared to €576.0 million for the same period in 2023, recording a decrease of 3.8%.

Furthermore, total imports in February 2024 amounted to €841.1 million, up from €770.5 million in February 2023, registering an increase of 9.2%. Imports from other EU member states were €543.8 million and from third countries €297.3 million, compared to €536.2 million and €234.2 million respectively in February 2023.

February 2024 imports included the transfer of economic ownership of ships, valued at €1.9 million, against €56.8 million in February 2023.

Total exports of goods in February 2024 were €243.1 million, down from €260.8 million in February 2023, a decrease of 6.8%. Exports to other EU member states were €116.2 million, and to third countries €126.9 million, compared to €65.1 million and €195.7 million respectively in February 2023.

February 2024 exports included the transfer of economic ownership of ships and aircraft, valued at €21.7 million, against €87.6 million in February 2023.