Cyprus’s trade deficit saw a substantial annual increase during the first nine months of 2025, reaching €5.88 billion. This figure is significantly higher than the €4.79 billion deficit recorded during the corresponding period in 2024, highlighting a persistent imbalance between imports and exports.
Year-to-Date Trade Gap Widens
The widening deficit for the January–September period was driven by robust growth in the value of incoming goods that outpaced export growth:
- Total Imports: Amounted to €10.11 billion, marking a 15.3% increase compared to the €8.77 billion imported in the same period of 2024.
- Total Exports: Reached €4.23 billion, registering a more moderate 6.2% increase compared to the €3.98 billion exported in 2024.
The deficit figure of €5,884.2 million reflects the growing cost of goods entering the country relative to sales abroad, according to the Statistical Service of Cyprus.
September Performance: Strong Monthly Growth
On a month-to-month basis, September 2025 demonstrated strong increases in trade flows, particularly in exports:
- Exports Soar: Total exports in September 2025 reached €497.4 million, representing a massive 40.5% increase over the €354.1 million exported in September 2024. This growth included the transfer of vessels, which accounted for €108.0 million.
- Imports Rise: Total imports in September 2025 were €1.21 billion, up 22.5% from €986.3 million in the same month last year. Notably, imports from non-EU countries saw a major increase, reaching €595.5 million (up from €352.7 million in 2024).
Domestic Production Drives August Export Boom
Final data for August 2025 revealed an exceptional performance in domestically produced goods:
- Domestic Exports: Exports of domestically produced goods (including provisions for ships and aircraft) more than doubled, recording a huge 105.8% increase to reach €399.1 million in August 2025 compared to €193.9 million in August 2024.
- Industrial Goods: This surge was led by industrial products, which reached €392.6 million. In contrast, domestic exports of agricultural products saw a slight decline.
Key domestically produced goods driving exports (excluding stores and provisions) between January and August 2025 included:
- Mineral Fuels and Oils: €1,667.6 million
- Halloumi Cheese: €262.9 million
- Pharmaceutical Products: €228.9 million
Source: Stockwatch.com.cy