Cyprus trade deficit narrows to €476m as exports grow

Cyprus recorded a trade deficit of €476.6 million in January 2026, significantly lower than the €707.5 million deficit registered in January 2025, according to a report from the state statistical service published on Thursday.

The latest figures showed that total imports of goods fell to €994.1 million in January 2026, compared with €1.15 billion in January 2025.

This represented a decrease of 13.6 per cent in imports during the period, the statistical service reported.

Imports from other European Union member states amounted to €554.3m, compared with €583.0m in January 2025.

Meanwhile, imports from third countries reached €439.8m, compared with €568.2m in the same month of the previous year.

The January 2026 import figures include the transfer of economic ownership of vessels valued at €79.0m, compared with €79.9m recorded in January 2025.

At the same time, total exports of goods increased to €517.5m in January 2026, compared with €443.7m in January 2025.

This represented an increase of 16.6 per cent in exports on a year on year basis.

Exports to other EU member states reached €97.2m, compared with €84.4m in January 2025.

Exports to third countries amounted to €420.3m, compared with €359.3m recorded during the same month in 2025.

The January 2026 export figures also include the transfer of economic ownership of vessels valued at €193.5m, compared with €11.3m recorded in January 2025.

As a result of these developments, the trade deficit narrowed substantially to €476.6m, compared with €707.5m in January 2025.

Separate final data released for December 2025 trade activity showed a decline in imports alongside increases in several export categories.

According to Cystat, total imports of goods amounted to €1.25bn in December 2025, compared with €1.39bn in December 2024.

This represented a decrease of 9.9 per cent in imports during the month.

At the same time, exports of domestically produced products including stores and provisions for ships and aircraft reached €274.2m in December 2025, compared with €249.7m in December 2024.

This reflected an increase of 9.8 per cent in domestic exports during the period.

Domestic exports of industrial products, excluding stores and provisions for ships and aircraft, reached €262.5m in December 2025, compared with €239.0m in December 2024.

Meanwhile, domestic exports of agricultural products reached €10.9m, compared with €9.2m in the same month of the previous year.

Exports of foreign products, including stores and provisions for ships and aircraft, increased sharply.

Cystat reported that exports of foreign products reached €224.2m in December 2025, compared with €126.2m in December 2024.

This represented a significant increase of 77.7 per cent.

Looking at the full year, mineral fuels and oils were the largest export category for domestically produced goods in 2025, excluding stores and provisions for ships and aircraft.

The value of these exports reached €2.33bn during the January to December 2025 period.

Other major export categories included halloumi cheese valued at €356.9m and pharmaceutical products valued at €356.2m.