Cyprus’ trade deficit for 2024 stood at €8.13 billion, improving from €8.47 billion in 2023, according to provisional data from the statistical service.

This came despite a sharp increase in total imports of goods in December, which rose 37.8 per cent to €1.31 billion, compared to €954.1 million in December 2023.

The surge in imports was largely attributed to the transfer of economic ownership of vessels and aircraft, which jumped to €372.5 million, a dramatic increase from just €4.8 million the previous year.

Imports from EU member states rose to €662.7 million, up from €595.0 million in December 2023, while imports from third countries surged to €651.6 million from €359.1 million.

Meanwhile, total exports of goods declined by 8.5 per cent, falling to €359 million from €392.4 million in December 2023.

Exports to EU member states dropped slightly to €88 million from €92.9 million, while exports to third countries fell to €271 million from €299.5 million.

The transfer of economic ownership of vessels within exports totalled €41.4 million, down from €100.1 million in December 2023.

Looking at the full year, total imports of goods from January to December 2024 declined by 7 per cent, reaching €12.25 billion, compared to €13.17 billion in 2023.

Similarly, total exports of goods fell by 12.5 per cent, amounting to €4.12 billion, down from €4.70 billion the previous year.

For November 2024, final data showed a modest increase in total imports, which rose 3.7 per cent to €1.13 billion, compared to €1.09 billion in November 2023.

Exports of domestically produced products, including stores and provisions, increased by 7.7 per cent, reaching €244.1 million from €226.6 million in the prior year.

This included €236.5 million from industrial products and €6.5 million from agricultural products, excluding stores and provisions.

However, exports of foreign products, including stores and provisions, saw a steep decline of 74.2 per cent, amounting to €134.1 million, compared to €519.2 million in November 2023.