Trade deficit down significantly by €1.18b in first 10 months of 2024

The trade deficit decreased significantly, by about €1.18 billion, in the first ten months of 2024, compared to the corresponding period of 2023, mainly due to the large 12.3% decline in imports, despite the decrease in exports.

According to data published by CySTAT, the trade deficit was €6,374.4m in January–October 2024 compared to €7,555.9m in the corresponding period of 2023.

Total imports of goods in January–October 2024 amounted to €9,758.1m as compared to €11,127m in January–October 2023, recording a decrease of 12.3%.

Total exports of goods in January-October 2024 were €3,383.7m compared to €3,571.2m in January-October 2023, registering a decrease of 5.3%

October 2024

According to provisional data, total imports of goods in October 2024 were €1,209.9m as compared to €1,057m in October 2023, recording an increase of 14.5%.

Imports from other EU Member States were €615.7m and from third countries €594.1m, compared to €640.2m and €416.7m respectively in October 2023. Imports in October 2024 include the transfer of economic ownership of vessels, with total value of €63.3m as compared to €21.6m in October 2023.

Total exports of goods in October 2024 were €442.3m as compared to €281.8m in October 2023, recording an increase of 57%.

Exports to other EU Member States were €90.7m and to third countries €351.6m, compared to €93.8m and €187.9m respectively in October 2023. Exports in October 2024 include the transfer of economic ownership of vessels, with total value of €53m as compared to €4.8m in October 2023.

September 2024

Moreover, according to the final data published regarding September 2024, total imports of goods amounted to €951.9m, as compared to €1,101.4m in September 2023, recording a decrease of 13.6%.

Exports of domestically produced products, including stores and provisions, in September 2024 were €205.9m as compared to €355.3m in September 2023, recording a decrease of 42%.

Domestic exports of industrial products in September 2024 were €198m compared to €349.2m in September 2023, whilst domestic exports of agricultural products in September 2024 were €6.8m compared to €4.8m in September 2023.

Exports of foreign products, including stores and provisions, in September 2024 were €144.3m as compared to €88.9m in September 2023, recording an increase of 62.3%.

(Source: CNA)