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Cyprus’ trade deficit marks steep 34% drop in Q1

Cyprus' trade deficit recorded a steep drop of 34% in the first three months of 2024, with Cystat attributing this to inflation and declining prices.

The trade deficit was at €1,703.6m million in January–March 2024 compared to €2,569.2m in the corresponding period of 2023.

Total imports of goods declined to €2,519.2m from €3,520.0m, marking an annual fall of 28.4%; while total exports of goods amounted to €815.5m compared to €950.8m in January-March 2023, registering a decrease of 14.2%.

In March, total imports of goods stood at €810.1m (€1,014.4m in March 2023, down 20.1%). Imports from EU member states totalled €548.9m and from third countries €261.2m, compared to €636.3m and €378.1m respectively in March 2023.

Imports in March 2024 include the transfer of economic ownership of vessels, with a total value of €9.5m, as compared to €50m in March 2023.

Total exports of goods in March 2024 were €261.0m compared to €374.8m in March 2023, recording a decrease of 30.4%.

Exports to other EU member states amounted to €113.8m and to third countries €147.2m, compared to €78.8m and €296m respectively in March 2023.

Exports in March 2024 include the transfer of economic ownership of vessels, with a total value of €36.6m as compared to €139.6m in March 2023.

It is worth noting that in the period January-February 2024, Cyprus’ trade deficit marked an annual drop of 40%.

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