The trade deficit in Cyprus reached €4.98 billion during the period of January-August 2024, marking a decrease of 18.5% compared to €6.12 billion in the same period last year.

According to preliminary data released by the Cyprus Statistical Service, total imports of goods during January-August 2024 amounted to €7.58 billion, a 15.5% drop from €8.97 billion in January-August 2023.

Similarly, total exports of goods for the same period reached €2.59 billion, reflecting a 9.0% decline compared to €2.85 billion in 2023.

In August 2024, total imports of goods were €948.6 million, a 23.7% decrease compared to €1.24 billion in August 2023. Imports from EU Member States stood at €564.8 million, and from third countries at €383.8 million, compared to €692.4 million and €550.7 million, respectively, in August 2023.

The imports in August 2024 included the transfer of ownership of ships and aircraft, with a total value of €38.8 million, a sharp drop from €246.7 million in August 2023.

Total exports of goods in August 2024 were €276.4 million, down 34.6% from €422.8 million in August 2023. Exports to other EU Member States totaled €70.0 million, while exports to third countries amounted to €206.4 million, compared to €79.1 million and €343.7 million, respectively, in August 2023.