Cyprus trade deficit exceeds 2 billion euros amid falling exports

Cyprus's foreign trade in the first quarter of 2026 showed an increase in the trade deficit, which reached 2.05 billion euros. According to the Statistical Service, for the same period last year, this figure was 1.88 billion euros. The main reason for the worsening balance was a decrease in exports alongside continued growth in imports.

Total imports of goods from January to March increased by 1% and amounted to 3.32 billion euros. At the same time, exports decreased by almost 10%, falling to 1.28 billion euros. In March, imports rose by 11.6% compared to the same month last year and reached 1.21 billion euros, driven by both deliveries from EU countries and purchases from third countries.

Exports in March, on the contrary, showed a moderate growth of 6.7%, reaching 506.9 million euros. However, the total export figure continues to be under pressure due to a reduction in transactions for the transfer of ships and aircraft. A particularly noticeable drop was recorded in February, when exports of domestic products decreased by more than half — to 153.3 million euros.

The largest decrease was in industrial products, while exports of agricultural goods remained almost stable. At the same time, exports of imported goods also decreased, indicating a general weakening of the country's export activity.

Despite the downturn, Cyprus's main export goods in the first months of 2026 remained mineral fuels and oils, pharmaceutical products, and halloumi cheese, which continues to hold an important place in the structure of Cypriot exports.