In January 2024, Cyprus witnessed a remarkable decrease in its trade deficit to €566.5 million, a significant drop from the €1.419.9 million recorded in January 2023. This positive change was primarily fueled by a notable 51.1% decline in imports, hinting at a promising shift towards economic stability for the country.
What is the change in Cyprus’s trade deficit for January 2024 compared to the previous year?
In January 2024, Cyprus’s trade deficit decreased to €566.5 million, a substantial reduction from the €1.419.9 million recorded in January 2023. This improvement is mainly attributed to a 51.1% decline in imports, showcasing a positive trend towards economic stability.
Cyprus has reported a notable decrease in its trade deficit for January 2024. The latest figures from the Cyprus Statistics Service Cystat display a trade deficit of €566.5 million, a substantial drop from the €1.419.9 million recorded for the same month in the previous year. This positive shift in the economic landscape of Cyprus is primarily due to a significant fall in the value of imported goods.
Import Reduction: A Closer Look
In January 2024, Cyprus’s imports totaled €848.1 million, marking a sharp decrease of 51.1 percent compared to January of the preceding year, which saw imports valued at €1.735.1 million. An interesting detail within these numbers is the source of these imports. The majority originated from fellow EU member-states, amounting to €510.7 million, while imports from non-EU countries stood at €337.4 million. This contrasts with January 2023 figures, where EU imports were at €529.1 million and €1,206 million came from third countries.
A notable aspect of the January 2024 import statistics was the economic ownership transfer of ships, which was valued at €65.2 million. This is a stark decrease from the previous year, where such transfers reached a significant €936.3 million.
Exports in January: Understanding the Dynamics
The total exports for January 2024 were calculated at €281.5 million, which represents a 10.7 percent decline from €315.2 million reported in the same month the year before. These exports were split between other EU nations, totaling €103.5 million, and third countries at €178.1 million. This distribution reflects a noteworthy change from the previous year’s figures of €69.8 million and €245.4 million, respectively.
January 2024 also saw economic ownership transfers of ships and aircraft included in the export data, valued at €69.5 million. This is a reduction from the €107.5 million calculated in January 2023.
December 2023: A Comparative Perspective
Turning back the clock to December 2023, the trade landscape presented an interesting contrast. Total imports surged to €928.4 million, a climb of 9.6 percent from the €847.3 million in December 2022. This was accompanied by a significant increase in exports of domestically produced goods, including ships and aircraft supplies, which leaped to €216.9 million from €103.9 million, showcasing an increase of 108.8 percent.
Industrially, December 2023 saw exports valued at €208.3 million, nearly double the €95.7 million from December 2022. Agricultural product exports also saw a modest rise, with €7.6 million against the €7.3 million from the year prior. However, foreign goods exports, including ships and aircraft supplies for December 2023, fell dramatically to €173.0 million, down by 64.7 percent from €489.4 million in December 2022.
Cyprus’s economic landscape is constantly evolving, and these fluctuations in trade deficits reflect a myriad of factors, from global economic trends to internal market adjustments. The significant reduction in import expenses suggests a positive move towards economic stability, which could bode well for the country’s financial future.
Why did Cyprus experience a decrease in its trade deficit for January 2024?
Cyprus witnessed a decrease in its trade deficit for January 2024 primarily due to a significant 51.1% decline in imports. This reduction in import expenses contributed to the overall improvement in the country’s trade balance, leading to a more favorable economic outlook.
How did imports and exports contribute to the change in Cyprus’s trade deficit for January 2024?
In January 2024, Cyprus’s imports saw a notable decrease of 51.1%, totaling €848.1 million. On the other hand, exports also experienced a decline, with total exports amounting to €281.5 million, signifying a 10.7% decrease. The combination of reduced imports and exports played a crucial role in shrinking Cyprus’s trade deficit for January 2024.
What were the sources of imports and destinations of exports for Cyprus in January 2024?
For January 2024, the majority of Cyprus’s imports came from other EU member-states, totaling €510.7 million, while imports from non-EU countries amounted to €337.4 million. In terms of exports, €103.5 million went to other EU nations, and €178.1 million were exported to third countries. These figures highlight the diverse sources and destinations of trade for Cyprus during that period.
How does the trade landscape of Cyprus in January 2024 compare to December 2023?
Comparatively, Cyprus experienced a notable decrease in its trade deficit in January 2024, with imports decreasing by 51.1% and exports declining by 10.7% compared to the previous year. In contrast, December 2023 saw a surge in imports by 9.6% and a significant increase in exports of domestically produced goods. These contrasting trends underscore the dynamic nature of Cyprus’s trade landscape and the fluctuations that can occur over a short period.
