Cyprus’ trade deficit decreased by €213 million in 2024, reaching €8.25 billion, compared to €8.47 billion in 2023 and €7.12 billion in 2022.

However, the trade deficit for January 2025 increased by €127.5 million, reaching €682.7 million, up from €555.2 million in January 2024, according to preliminary data from the state statistical service.

The total exports of domestically produced goods in 2024, excluding supplies to ships and aircraft, included €1.19 billion in mineral fuels and oils, €348 million in pharmaceutical products, and €323.9 million in halloumi cheese.

Other exports include €87.6 million in waste and scrap materials such as paper, glass, and metals, €48.1 million in fruit and vegetable juices, €47.4 million in potatoes, €30.9 million in telecommunications equipment, and €31.2 million in fire extinguishers and their components. Other exported goods accounted for €264.4 million.

Total imports of goods in January 2025 were valued at €1.117 billion, marking a 28.9 per cent increase from €867 million in January 2024.

Imports from other EU member states amounted to €561.4 million, while imports from third countries reached €556.4 million.

In comparison, January 2024 saw imports of €522.1 million from EU states and €344.9 million from non-EU countries.

Among the January 2025 imports was the transfer of economic ownership of ships, valued at €70.8 million, up from €65.6 million in January 2024.

Exports of goods in January 2025 amounted to €435.1 million, reflecting a 39.5 per cent increase from €311.8 million in January 2024.

Exports to EU member states totalled €79.4 million, while exports to third countries reached €355.7 million.

In comparison, January 2024 recorded €133.2 million in exports to EU countries and €178.6 million in exports to third countries.

Included in the January 2025 export figures was the transfer of economic ownership of ships, valued at €11.3 million, a decline from €62.3 million in January 2024.

Final figures for December 2024 show total imports of €1.341 billion, representing a 40.6 per cent increase from €954.1 million in December 2023.

Exports of domestically produced goods, including supplies to ships and aircraft, amounted to €248 million in December 2024, marking a 13.7 per cent rise from €218.1 million in December 2023.

The value of industrial product exports, excluding supplies to ships and aircraft, reached €237.4 million in December 2024, compared to €209.4 million in December 2023.

Agricultural product exports, also excluding supplies to ships and aircraft, were valued at €9 million in December 2024, up from €7.8 million in December 2023.

However, exports of foreign products, including supplies to ships and aircraft, dropped to €119.9 million in December 2024, a 31.2 per cent decrease from €174.3 million in December 2023.