Cyprus is grappling with a trade deficit of €7.28 billion for the first eleven months of 2025, as imports continue to surpass exports, according to the latest provisional figures from the state statistical service, Cystat.
- Notably, the transfer of economic ownership of vessels contributed €10 million to the November import figures, a marked drop from the €138.70 million reported in the same month the previous year.
Decline in Imports
Total imports of goods in November 2025 reached €1.04 billion, reflecting a 10.6 per cent decrease from €1.16 billion in November 2024. This decline indicates a shift in purchasing patterns, although it has not been enough to close the trade gap.
Imports from other EU member states amounted to €595.70 million, while imports from third countries were valued at €442.70 million. In comparison, these figures were €657.50 million and €503.90 million, respectively, in November 2024.
Notably, the transfer of economic ownership of vessels contributed €10 million to the November import figures, a marked drop from the €138.70 million reported in the same month the previous year.
Exports on the Rise
In contrast, Cyprus saw an increase in total exports of goods in November 2025, which rose to €407.10 million from €382.90 million in November 2024. This 6.3 per cent growth highlights a positive trend in the export market.
Exports to EU member states accounted for €106.50 million, while exports to third countries reached €300.60 million, both showing improvements from the previous year’s figures of €83.10 million and €299.80 million, respectively. The export of vessels transferred economic ownership also contributed €42.60 million, down from €55.50 million in November 2024.
Year-to-Date Trade Deficit Overview
For the period spanning January to November 2025, total imports of goods rose to €12.31 billion, an increase from €11.20 billion during the same period in 2024, representing a growth of 9.9 per cent. In contrast, total exports amounted to €5.03 billion, up from €4.81 billion in the previous year, indicating a 4.5 per cent increase.
The widening trade deficit to €7.28 billion during this period reflects an increase from €6.39 billion in the same timeframe the previous year. This trend underscores the ongoing imbalance between imports and exports in the Cypriot economy.
Import Trends in Recent Months
Final data for October 2025 revealed that total imports stood at €1.15 billion, down from €1.27 billion in October 2024, marking an 8.9 per cent decrease. This consistent trend of declining imports may offer some hope for reducing the trade deficit, but it remains to be seen if this will have a lasting impact.
In October 2025, exports of domestically produced products, including provisions for ships and aircraft, were valued at €247.70 million, a decrease of 16.4 per cent from €296.40 million in October 2024. Domestic exports of industrial products, excluding provisions for ships and aircraft, fell from €289.00 million to €238.70 million. However, agricultural products saw a rise, with exports increasing from €6.10 million in October 2024 to €7.80 million in October 2025.
Key Export Categories
For the January to October 2025 period, the main categories of domestically produced goods exported, excluding stores and provisions for ships and aircraft, included mineral fuels and oils at €2.00 billion, halloumi cheese at €309.70 million, and pharmaceutical products at €289.70 million. These figures exemplify the diversity and significance of Cyprus’s export landscape.
Economic Implications
The persistent trade deficit poses challenges for Cyprus’s economic stability. While the rise in exports is a positive sign, the continued reliance on imports highlights vulnerabilities that could affect long-term economic growth. Policymakers will need to address these imbalances to foster a more sustainable trade environment.
As Cyprus navigates these economic challenges, stakeholders will be closely monitoring both import and export trends to gauge future economic health. The figures released by Cystat serve as a critical indicator of the ongoing dynamics within the Cypriot economy.
