Cyprus’ Trade Deficit Shrinks by 17.4% in January – September 2024

Cyprus’ trade deficit shrank by 17.4% in January–September 2024, falling to €5.6 billion from €6.8 billion in the same period of 2023, driven by declines in both imports and exports, according to the Statistical Service of Cyprus (Cystat).

September 2024 Overview
Imports dropped 14.3% to €944.2 million compared to €1,101.4 million in September 2023. EU imports amounted to €592.9 million, while non-EU imports fell to €351.3 million. Notably, vessel ownership transfers rose to €28.9 million, up from €7.9 million last year.
Exports decreased by 21.2% to €350.2 million, with EU exports rising slightly to €109.6 million, but non-EU exports plunging to €240.6 million from €358 million in 2023.

January–September Trends
Total imports fell by 15.2% to €8.54 billion, while exports dropped 10.6% to €2.94 billion, narrowing the trade deficit by €1.18 billion.