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.
The trade deficit of Cyprus has surged by €960 million to €7.28 billion from January to October 2023, with imports rising by €1.23 billion compared to the previous year, outpacing the 8.4 percent growth in exports, resulting in a significant imbalance. The increase in import activity and the decrease in exports reflect changes in global market prices and the economic landscape, prompting the need for policy interventions and market strategies to address the growing trade deficit.
