Trade deficit in January shows annual decrease

The trade deficit reached in January €566.5 mn compared to €1,419.9 mn in the corresponding month of 2023, according to January 2024 provisional data by CySTAT.

A press release says that total imports of goods in January 2024 were €848.1 mn as compared to €1,735.1 mn in January 2023, recording a decrease of 51.1%. Imports from other EU Member States were €510.7 mn and from third countries €337.4 mn, compared to €529.1 mn and €1,206 mn respectively in January 2023.

Imports in January 2024 include the transfer of economic ownership of vessels, with total value of €65.2 mn as compared to €936.3 mn in January 2023.

Total exports of goods in January 2024 were €281.5 mn as compared to €315.2 mn in January 2023, recording a decrease of 10.7%. Exports to other EU Member States were €103.5 mn and to third countries €178.1 mn, compared to €69.8 mn and €245.4 mn respectively in January 2023.

Exports in January 2024 include the transfer of economic ownership of vessels and aircrafts, with total value of €69.5 mn as compared to €107.5 mn in January 2023.

The trade deficit was €566.5 mn in January 2024 compared to €1,419.9 mn in the corresponding month of 2023.

December 2023, Final Data

Meanwhile, total imports of goods amounted to €928.4 mn in December 2023 as compared to €847.3 mn in December 2022, recording an increase of 9.6%.

Exports of domestically produced products, including stores and provisions, in December 2023 were €216.9 mn as compared to €103.9 mn in December 2022, recording an increase of 108.8%. Domestic exports of industrial products in December 2023 were €208.3 mn compared to €95.7 mn in December 2022, whilst domestic exports of agricultural products in December 2023 were €7.6 mn compared to €7.3 mn in December 2022.

Exports of foreign products, including stores and provisions, in December 2023 were €173 mn as compared to €489.4 mn in December 2022, recording a decrease of 64.7%.

(Source: CNA)