Cyprus Trade Deficit Widens

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%.

Cyprus’ trade deficit narrowed to EUR 713.9 million in December 2025 from EUR 1,010.1 million a year earlier. Total exports jumped 30.5% year-on-year to EUR 490.5 million, driven by higher shipments to EU countries, which surged 88.4% to EUR 182.7 million, and non-EU markets, up 10.3% to EUR 307.8 million. Exports included the transfer of economic ownership of vessels, valued at EUR 130.1 million, compared with EUR 51.4 million in December 2024. Meanwhile, total imports fell 13.1% to EUR 1,204.4 million, as non-EU imports declined sharply by 39.2% to EUR 415.1 million, while EU purchases rose 12.2% to EUR 789.3 million. Vessel transfers were valued at EUR 218.3 million, down from EUR 337.4 million a year earlier. For 2025, total imports rose 7.7% to EUR 13,551.8 million, exports gained 7.0% to EUR 5,550.4 million, widening the annual trade deficit to EUR 8,001.4 million from EUR 7,395.3 million in 2024.