Trade deficit down by 20% in the first semester of 2024

The trade deficit in January–June 2024 was €3,571.8 m compared to €4,478 m in the corresponding period of 2023, recording a decrease by 20.23%, according to data published by CySTAT.

Total imports of goods during this period amounted to €5,557.7 m as compared to €6,494.9 m in January–June 2023, recording a decrease of 14.4%. Total exports of goods in January-June 2024 were €1,985.9 m compared to €2,016.9 m in January-June 2023, registering a decrease of 1.5%.

According to provisional data for June, total imports of goods were €896.9 m as compared to €1,059.5 m in June 2023, recording a decrease of 15.3%. Imports from other EU Member States were €538.9 m and from third countries €358 m, compared to €615.5 m and €444 m respectively in June 2023.

Imports in June 2024 include the transfer of economic ownership of vessels, with total value of €70.4 m as compared to €78,8 m in June 2023.

Total exports of goods in June 2024 were €449 m as compared to €321 m in June 2023, recording an increase of 39.9%. Exports to other EU Member States were €126 m and to third countries €323 m, compared to €120.6 m and €200.4 m respectively in June 2023.

Exports in June 2024 include the transfer of economic ownership of vessels, with total value of €159.7 m as compared to €83.4 m in June 2023.

CySTAT has also published the final data for May 2024. Total imports of goods amounted to €1,037.4 m, as compared to €1,000 m in May 2023, recording an increase of 3.7%.

Exports of domestically produced products, including stores and provisions, in May 2024 were €192.1 m as compared to €240.7 m in May 2023, recording a decrease of 20.2%. Domestic exports of industrial products in May 2024 were €175.8 m compared to €227.9 m in May 2023, whilst domestic exports of agricultural products in May 2024 were €14.9 m compared to €11.6 m in May 2023.

Exports of foreign products, including stores and provisions, in May 2024 were €148.7 m as compared to €181.1 m in May 2023, recording a decrease of 17.9%.

(Source: CNA)