The trade deficit in Cyprus widened by €1 billion during the first eight months of 2025, reaching €5.16 billion despite a dramatic surge in exports over the summer. According to the Statistical Service, a sharp 14.2% rise in the value of imports outpaced the more modest 2.8% growth in exports for the year to date.
The Year-to-Date Picture: Imports Outpace Exports
From January to August 2025, the total value of imports into Cyprus climbed to €8.88 billion, a significant increase from the €7.78 billion recorded in the same period of 2024.
In contrast, total exports for the same eight-month period saw a slight increase, rising to €3.73 billion. This disparity between the strong growth in imports and the slower growth in exports is the primary reason for the widening trade gap.
August Sees Massive 82.7% Jump in Exports
The data for August 2025 showed a remarkable performance in exports, which soared by 82.7% compared to the same month last year, reaching €531.3 million. Imports also grew by a healthy 11.9% to €1.1 billion for the month. The transfer of economic ownership of vessels was a contributing factor to the high figures for both imports and exports in August.
Strong Growth in Domestically Produced Goods
Finalized data from July provides further insight into the country’s export profile, highlighting the strength of local production. Exports of domestically produced products in July jumped by 76.7% year-on-year, driven primarily by industrial goods. This indicates robust performance from the island’s own manufacturing and agricultural sectors.
Source: Stockwatch.com.cy