The trade deficit in Cyprus decreased significantly by approximately €1.18 billion during the first ten months of 2024 compared to the same period in 2023. This improvement is primarily attributed to a substantial 12.3% decline in imports, despite a simultaneous drop in exports.

According to data released by the Statistical Service, the trade deficit stood at €6,374.4 million in January–October 2024, compared to €7,555.9 million during the corresponding period of 2023.

Total imports of goods amounted to €9,758.1 million during January–October 2024, down from €11,127 million in January–October 2023, marking a decrease of 12.3%. Meanwhile, total exports of goods during the same period fell by 5.3%, from €3,571.2 million in 2023 to €3,383.7 million in 2024.

Provisional data for October 2024 showed a notable increase in both imports and exports compared to October 2023. Total imports of goods rose by 14.5%, reaching €1,209.9 million, up from €1,057 million in the previous year. Imports from other EU Member States amounted to €615.7 million, while imports from third countries totaled €594.1 million. These figures include the transfer of economic ownership of vessels valued at €63.3 million in October 2024, compared to €21.6 million in October 2023.

Total exports of goods in October 2024 amounted to €442.3 million, representing a significant 57% increase from €281.8 million in October 2023. Exports to other EU Member States reached €90.7 million, while exports to third countries totaled €351.6 million. These figures include the transfer of economic ownership of vessels valued at €53 million in October 2024, compared to €4.8 million in the same month of 2023.

Final data for September 2024 indicated a 13.6% decrease in total imports, which fell to €951.9 million from €1,101.4 million in September 2023.

Exports of domestically produced goods, including stores and provisions, dropped significantly by 42%, falling to €205.9 million in September 2024 from €355.3 million in the previous year. This decline includes domestic exports of industrial products, which fell to €198 million from €349.2 million, and domestic agricultural exports, which increased to €6.8 million from €4.8 million.

In contrast, exports of foreign products, including stores and provisions, increased by 62.3%, reaching €144.3 million in September 2024 compared to €88.9 million in September 2023.