Cyprus has recorded a dramatic surge in the export of goods through the first seven months of 2025, with a year-on-year increase of over 37%. However, a simultaneous 15.6% rise in imports has caused the nation’s trade deficit to widen, according to data published Wednesday by the Statistical Service.
The Widening Trade Gap
The trade deficit for the January to July period reached €4.57 billion, an increase from the €4.39 billion recorded during the same period in 2024.
This occurred despite total exports climbing to €3.19 billion, a significant jump from the previous year’s €2.32 billion. The growth in exports was outpaced by the value of total imports, which rose to €7.76 billion for the seven-month period.
A Closer Look at July’s Performance
Preliminary data for July 2025 highlights the strong export momentum, showing a massive 72.7% increase compared to July 2024, with total exports reaching €564.3 million. A significant factor in this surge was the transfer of economic ownership of vessels, which accounted for nearly €90 million of the total export value for the month.
Imports for July also grew substantially by 18.5% to reach €1.26 billion.
Confirmed Data for June
Finalized data for June 2025 reveals a key trend in the country’s export profile. While exports of domestically produced products soared by 82.5%, driven primarily by industrial goods, exports of foreign products (re-exports) fell sharply by 37.3%.
Total imports for June also saw a strong year-on-year increase of 22.0%.
Source: stockwatch.com.cy