Annual Decrease in Cyprus' Trade Deficit Recorded in January
Exports to Other EU Member States Stood at €103.5 Million
In January 2024, the trade deficit was €566.5 million, a notable decrease from €1.419.9 million in the same month of 2023, according to preliminary data released by the Statistical Service.
The total value of goods imported in January 2024 was €848.1 million, compared to €1.735.1 million in January 2023, marking a significant reduction of 51.1%. Imports from other EU Member States were €510.7 million, while those from third countries amounted to €337.4 million, in contrast to €529.1 million and €1.206.0 million respectively in January 2023. Notably, January 2024 imports included the transfer of economic ownership of ships, totaling €65.2 million, compared to €936.3 million in January 2023.
Total goods exported in January 2024 reached €281.5 million, down from €315.2 million in January 2023, a decrease of 10.7%. Exports to other EU Member States stood at €103.5 million, and those to third countries at €178.1 million, compared to €69.8 million and €245.4 million respectively in the previous year.
The January 2024 exports included the transfer of economic ownership of ships and aircraft, with a total value of €69.5 million, down from €107.5 million in January 2023.
The trade deficit for January 2024 was thus €566.5 million, a significant reduction from €1.419.9 million in the corresponding month of 2023.
Total imports of goods in December 2023 were €928.4 million, up from €847.3 million in December 2022, an increase of 9.6%.
Exports of domestically produced goods, including ship and aircraft supplies, for December 2023 were €216.9 million, compared to €103.9 million in December 2022, an impressive increase of 108.8%. The value of industrial product exports in December 2023 amounted to €208.3 million, versus €95.7 million in December 2022, while agricultural product exports were valued at €7.6 million, slightly up from €7.3 million in December 2022.
Exports of foreign goods, including ship and aircraft supplies, for December 2023 were €173.0 million, a decrease of 64.7% from €489.4 million in December 2022, concludes the Statistical Service.
