A small increase in exports in April, driven by overseas sales of halloumi cheese and pharmaceuticals, has helped narrow the trade deficit in the first four months of the year. According to the Cyprus statistical service Cystat, January-April imports were down a significant 18%, while exports saw a smaller reduction of 8%.
Total imports of goods in January-April decreased 18.4% to €3,619.6 million from €4,435.4 million in the same period last year. Meanwhile, total exports of goods were €1,166.6 million compared to €1,274.1 million, marking a decrease of 8.4%. As a result, the trade deficit for January-April narrowed to €2,453.0 million from €3,161.3 million in the corresponding period of 2023.
April Trade Dynamics
Total imports in April reached a provisional €1,094.1 million compared to €915.5 million in April 2023, an increase of 19.5%. Imports from other EU member states were €648.4 million and from third countries €445.7 million, compared to €573.1 million and €342.3 million respectively in April 2023. Notably, imports include the transfer of economic ownership of vessels and aircraft, with a total value of €155.6 million compared to €100.3 million in April 2023.
Total exports of goods in April saw a slight increase to €351.0 million from €323.3 million in the same month last year, an uptick of 8.6%. Exports to other EU member states were €108.6 million and to third countries €242.5 million, compared to €90.2 million and €233.1 million respectively in April 2023.
The most popular products for export in April were halloumi cheese at €84.6 million or 20.5% of all exports, followed closely by pharmaceuticals at €84.4 million or 20.5%. Exports of fruit and vegetable juices accounted for €11 million or 2.7%, while Cyprus potatoes saw exports of €9.1 million or 2.2% of the total.
Other notable exports included the transfer of ownership of vessels, with a total value of €38.3 million compared to €122.6 million in April 2023. Additionally, the export (re-export) of Cyprus-stored mineral fuels and oil, primarily from the Vassiliko energy hub, accounted for €112 million or 27% of the total.
March Data Revised
Cystat also revised the final data for March, showing that total imports dropped 19.5% to €816.8 million compared to €1,014.4 million in March 2023.
Exports in March of domestically produced products, including stores and provisions, were €150.1 million compared to €163.4 million in the same month last year, a decrease of 8.1%. Domestic exports of industrial products were €139.5 million compared to €152.4 million in March 2023, while domestic exports of agricultural products were €9.8 million compared to €10.1 million last year.
Exports in March of foreign products, including stores and provisions, were €110.9 million compared to €211.4 million in March 2023, a significant decrease of 47.5%.
