Cyprus’s trade deficit fell by €769 million in the first 11 months of 2024, reaching €7.14 billion compared to €7.91 billion in the same period of 2023, according to preliminary data from the statistical service.

The decline was driven by a significant 10.8 per cent reduction in imports, which amounted to €10.9 billion compared to €12.23 billion in 2023.

Exports, however, also decreased sharply by 12.9 per cent, falling to €3.76 billion from €4.32 billion in the previous year.

In November alone, imports rose by 2.7 per cent year-on-year, reaching €1.13 billion. Imports from EU member states totalled €620.2 million, while those from third countries amounted to €508.5 million.

A notable component was the transfer of ship ownership valued at €138.8 million, up from €124.2 million in November 2023.

Exports in November, however, declined by 49.5 per cent, dropping to €376.5 million compared to €745.8 million in November 2023.

Exports to EU states were €77.7 million, while third-country exports totalled €298.8 million.

Moreover, the transfer of ship ownership within exports accounted for €54.2 million, down from €417.3 million the previous year.

Finalised data for October 2024 showed a remarkable 78.5 per cent increase in exports of domestic goods, which rose to €295.7 million compared to €165.7 million in October 2023.

This surge included industrial product exports worth €288.5 million and agricultural product exports of €5.9 million.

What is more, imports for October also increased by 15.8 per cent, totalling €1.22 billion, reflecting the mixed trade dynamics observed in late 2024.