Cyprus Trade Deficit Shrinks to Lowest Level in Nearly Two Years

Cyprus’ trade deficit widened to EUR 703.8 million in March 2026 from EUR 609.7 million a year earlier. Total imports jumped 11.6% year-on-year to EUR 1,210.7 million, lifted by higher purchases from EU countries, which rose 9.6% to EUR 710 million, and non-EU imports advancing by 14.6% to EUR 500.7 million. Exports included the transfer of economic ownership of vessels valued at EUR 20.3 million, down from EUR 84.2 million in March last year. Meanwhile, total exports increased by 6.7% to EUR 506.9 million, driven by higher shipments to EU countries, which grew by 8.4% to EUR 117.7 million, and non-EU markets, up 6.2% to EUR 389.2 million. Vessel transfers were valued at EUR 41.2 million, compared with EUR 98.1 million in March 2025.

Cyprus recorded a trade deficit of €871.2 million in February of 2026, widening form the €560.2 million gap in the corresponding period of the previous year amid a plunge in exports. Exports sank to €244.3 million from €496.2 million, marking the lowest in five years amid a plunge in exports to countries outside the EU. In turn, imports rose to €1.115 billion form €1.056 billion.

Cyprus’s trade deficit narrowed sharply to €476.6 million in January 2026, down from €707.5 million a year earlier, according to preliminary estimates. This marks the smallest trade gap since a surplus was recorded in April 2024. Imports fell 13.6%, driven by lower purchases from both the EU (-4.9%) and third countries (-22.6%). Meanwhile, exports rose 16.6%, with EU-bound sales up 15.2% and shipments to third countries increasing 17%.