The January foreign trade deficit in Cyprus fell to a third of year-ago levels due mainly to a significant drop in imports, driven by a plunge in the transfer of ships and other vessels.
At the same time, final data for December, helped adjust the provisional figures for 2023, showing the trade deficit for the whole year narrowed by €313 mln.
Based on provisional data for January, the statistics department Cystat said that total imports of goods were €848.1 mln, compared to €1,735.1 mln in January 2023, a decrease of 51.1%. Total exports in January reached €281.5 mln as compared to €315.2 mn in January 2023, a decrease of 10.7%.
Thus, the trade deficit was €566.5 mln in January 2024, almost a third of €1,419.9 mln in the same month of 2023, according to Cystat.
Imports from other EU member states were €510.7 mln and from third countries €337.4 mln, compared to €529.1 mln and €1,206.0 mln, respectively, in January 2023.
Exports to other EU member states were €103.5 mln and to third countries €178.1 mln, compared to €69.8 mln and €245.4 mln, respectively, in January 2023.
January imports include the transfer of economic ownership of vessels worth €65.2 mln as compared to €936.3 mln in January 2023, while exports include the transfer of economic ownership of vessels and aircraft worth €69.5 mln, as compared to €107.5 mln in January 2023.
In plain terms, the transfer of economic ownership of vessels refers to the registration of ships under the Cyprus flag, an irregular statistic that is not seasonal.
Excluding ships, the January foreign trade deficit saw a marginal increase from €570.9 in 2024 to €591.1, in the same month last year.
Trade deficit narrows in 2023
Meanwhile, according to final foreign trade data for December, the total imports of goods amounted to €928.4 mln, compared to €847.3 mln in December 2022, an increase of 9.6%. December 2023 imports were initially reported at €845.3 mln, according to provisional data announced in early February.
Total exports in December, including domestically produced goods, as well as foreign products, including stores and provisions, reached €389.9 mln.
December 2023 exports were initially reported at €267.3 mln, according to provisional data, the second worst month last year.
Total imports for all of 2023 reached €12,948.9 mln, compared to a provisional €12.764 bln and exports were at €4,686.3 mln from a provisional €4,189 mln.
Thus, the foreign trade deficit for all of 2023 is adjusted to €8,262.6 mln, narrower than the €8,575 mln, based on provisional data for December. 
