Trade deficit drops by €769m in first 11 months of 2024

Trade deficit showed a decrease by €769 million in the first 11 months of 2024 compared to the corresponding period of 2023, which is due to the large decrease in imports by approximately €1.32 billion and despite the significant decrease in exports by €556 million.

According to provisional data by CySTAT, total imports of goods in January–November 2024 amounted to €10,900.7m as compared to €12,225.6m in January–November 2023, recording a decrease of 10.8%.

Total exports of goods in January-November 2024 were €3,761.1m compared to €4,317.0m in January-November 2023, registering a drop of 12.9%. The trade deficit was €7,139.6m in January–November 2024 compared to €7,908.7m in the corresponding period of 2023.

Regarding November 2024, total imports of goods were €1,128.7m as compared to €1,098.6m in November 2023, recording an increase of 2.7%.

Imports from other EU Member States were €620.2m and from third countries €508.5m, compared to €638.1m and €460.5m respectively in November 2023. Imports in November 2024 include the transfer of economic ownership of vessels, with total value of €138.8m as compared to €124.2m in November 2023.

Total exports of goods in November 2024 were €376.5m as compared to €745.8m in November 2023, recording a decrease of 49.5%.

Exports to other EU Member States were €77.7m and to third countries €298.8m, compared to €84.7m and €661.1m respectively in November 2023. Exports in November 2024 include the transfer of economic ownership of vessels, with total value of €54.2m as compared to €417.3m in November 2023.

Regarding the final data for October 2024, total imports of goods amounted to €1,223.8m in October 2024 as compared to €1,057.0m in October 2023, recording an increase of 15.8%.

Exports of domestically produced products, including stores and provisions, in October 2024 were €295.7m as compared to €165.7m in October 2023, recording an increase of 78.5%.

Domestic exports of industrial products in October 2024 were €288.5m compared to €160.0m in October 2023, whilst domestic exports of agricultural products in October 2024 were €5.9m compared to €4.2m in October 2023.

Exports of foreign products, including stores and provisions, in October 2024 were €147.3m as compared to €116.1m in October 2023, recording an increase of 26.9%.

(Source: CNA)