Press Releases

March 2024, Provisional Data

Total imports of goods in March 2024 were €810,1 mn as compared to €1.014,4 mn in March 2023, recording a decrease of 20,1%. Imports from other EU member states were €548,9 mn and from third countries €261,2 mn, compared to €636,3 mn and €378,1 mn respectively in March 2023. Imports in March 2024 include the transfer of economic ownership of vessels, with total value of €9,5 mn as compared to €50,0 mn in March 2023. 

Total exports of goods in March 2024 were €261,0 mn as compared to €374,8 mn in March 2023, recording a decrease of 30,4%. Exports to other EU member states were €113,8 mn and to third countries €147,2 mn, compared to €78,8 mn and €296,0 mn respectively in March 2023. Exports in March 2024 include the transfer of economic ownership of vessels, with total value of €36,6 mn as compared to €139,6 mn in March 2023. 

Total imports of goods in January–March 2024 amounted to €2.519,2 mn as compared to €3.520,0 mn in January–March 2023, recording a decrease of 28,4%. Total exports of goods in January-March 2024 were €815,5 mn compared to €950,8 mn in January-March 2023, registering a decrease of 14,2%. The trade deficit was €1.703,6 mn in January–March 2024 compared to €2.569,2 mn in the corresponding period of 2023.

February 2024, Final Data 

Total imports of goods amounted to €852,5 mn in February 2024 as compared to €770,5 mn in February 2023, recording an increase of 10,6%. 

Exports of domestically produced products, including stores and provisions, in February 2024 were €119,6 mn as compared to €122,3 mn in February 2023, recording a decrease of 2,2%. Domestic exports of industrial products in February 2024 were €110,8 mn compared to €114,5 mn in February 2023, whilst domestic exports of agricultural products in February 2024 were €7,7 mn compared to €7,2 mn in February 2023. 

Exports of foreign products, including stores and provisions, in February 2024 were €123,9 mn as compared to €138,5 mn in February 2023, recording a decrease of 10,5%. 

More data are published in the monthly publication ‘Intra – Extra EU Trade Statistics (Summarised Data) – February 2024’ and in the online database CYSTAT-DB, under the subtheme External Trade. 

Methodological Information

Statistical Value

The statistical value is the value of the goods at the time and place they cross the border of Cyprus.

Domestic and Foreign Goods

Domestically produced goods are goods wholly obtained in Cyprus or goods produced in another country, but their last economically substantial processing or processing that led to the manufacture of a new product or representing an important stage of manufacture took place in Cyprus. Goods that were originally imported and have undergone repair or other minor operations, which leave them essentially unchanged, are not defined as domestic.

Foreign goods are goods which were not produced in the economic territory of Cyprus and compensating goods obtained under the outward processing procedure when such processing confers foreign origin.

Partner Country

Intra-EU exports and extra-EU exports are classified by the member state of the EU and country of final destination of the goods, respectively. The last country to which the goods are known to be specifically directed on their outward movement from the reporting country is regarded as their final destination.

For extra-EU imports, the trading partner is the country of origin. In general, goods obtained entirely from a given country originate in that country. A product in the production of which two or more countries are involved is considered as originating in the country in which the last substantial economically justified transformation or processing took place, resulting in the manufacture of a new product or representing an important stage of manufacture.

For intra-EU imports, the trading partner is the member state of consignment of the goods.

The United Kingdom is considered as an extra-EU partner country for the EU. Imports from the United Kingdom are recorded by country of consignment until 31 December 2020. As of January 2021 onwards, for trade with Northern Ireland, imports are recorded by country of consignment while for trade with the United Kingdom (excluding Northern Ireland), imports are recorded by country of origin. For these reasons, data on trade with the United Kingdom are not fully comparable with data on trade with other extra-EU trade partners for reference periods before and after the end of 2020.

For more information visit the CYSTAT Portal, subtheme External Trade, CYSTAT-DB (Online Database), Predefined Tables (Excel), Publications, Methodological Information, or contact Mr Sofronis Vikis (tel.: 22 602206, email: svikis@cystat.mof.gov.cy) or Ms Ioanna Leontiou (tel: 22 605122, email: ileontiou@cystat.mof.gov.cy).

The Predefined Tables, available in Excel format, include data up to December 2022. Data from January 2023 onwards are available only in the CYSTAT-DB Online Database. 

(NZ/ΑΦ)