Cyprus trade deficit widens to €8 billion despite export surge
Cyprus closed 2025 with a wider trade deficit, as a sharp rise in exports in December failed to offset a notable drop in imports over the same month, according to foreign trade figures released on Monday.
Specifically, the Cyprus Statistical Service (Cystat) reported that the total imports of goods in December 2025 stood at €1.20 billion, compared with €1.39 billion in December 2024, recording a decrease of 13.1 per cent.
Imports from other EU member states amounted to €789.30 million, while imports from third countries reached €415.10 million, compared with €703.40 million and €682.70 million respectively a year earlier.
Imports in December 2025 included the transfer of economic ownership of vessels valued at €218.30m, down from €337.40m in December 2024.
Total exports of goods in December 2025 rose to €490.50m, from €375.95m in December 2024, marking an increase of 30.5 per cent.
Exports to other EU member states reached €182.70m, while exports to third countries stood at €307.80m, compared with €97.00m and €279.00m respectively in December 2024.
Exports in December 2025 also included the transfer of economic ownership of vessels valued at €130.10m, compared with €51.40m a year earlier.
Meanwhile, for the period from January to December 2025, total imports of goods amounted to €13.55 bn, up from €12.58 bn in the corresponding period of 2024, reflecting an annual increase of 7.7 per cent.
Total exports of goods during 2025 reached €5.55 bn, compared with €5.19 bn in 2024, registering an increase of 7.0 per cent.
As a result, the trade deficit widened to €8.00 bn in January to December 2025, from €7.40 bn in the same period of the previous year.
What is more, final data for November 2025 showed total imports of goods at €1.04 bn, compared with €1.16 bn in November 2024, representing a decrease of 10.1 per cent.
Exports of domestically produced products, including stores and provisions for ships and aircraft, rose to €283.90m in November 2025 from €244.50m a year earlier, recording an increase of 16.1 per cent.
Domestic exports of industrial products, excluding stores and provisions for ships and aircraft, reached €276.60m, compared with €237.10m in November 2024.
Domestic exports of agricultural products, excluding stores and provisions for ships and aircraft, slipped slightly to €6.20m, from €6.40m a year earlier.
Exports of foreign products, including stores and provisions for ships and aircraft, increased to €144.90m in November 2025, up from €138.40m in November 2024, marking a rise of 4.7 per cent.
The main categories of domestically produced exports for the period January to November 2025 were mineral fuels and oils valued at €2.19 bn, halloumi cheese at €332.20m and pharmaceutical products at €318.00m.
The Statistical Service clarified that the category mineral fuels and oils refers to products that were initially imported, processed and then re-exported.
Imports data for March and July to November 2025 and exports data for August and November 2025 were revised, while December 2025 figures remain provisional.