Cyprus has seen its trade deficit widen to €6.65 billion for the first ten months of 2025, driven by a decrease in both imports and exports, as reported by the Statistical Service (Cystat).
- Cyprus has seen its trade deficit widen to €6.65 billion for the first ten months of 2025, driven by a decrease in both imports and exports, as reported by the Statistical Service (Cystat).
- The month also included €106.5 million concerning the transfer of economic ownership of vessels, an increase from €82.5 million in October 2024.
Decline in October Trade Figures
In October alone, total imports dropped to €1.15 billion from €1.26 billion in the same month last year, marking an 8.9 per cent decline. Imports from EU member states remained stable at €654.8 million, while those from non-EU countries fell sharply to €498.5 million from €613.3 million.
Significant Changes in Vessel Ownership
The month also included €106.5 million concerning the transfer of economic ownership of vessels, an increase from €82.5 million in October 2024.
Export Reductions
Exports similarly saw a downturn, totalling €388.9 million in October, compared to €446.8 million a year earlier—a decrease of 13 per cent. Exports to EU states accounted for €108.6 million, while third country exports reached €280.3 million. The vessel ownership transfers in this category were also down, with €46.1 million, compared to €52.9 million last year.
Overall Trade Trends from January to October
Despite the decline in October, overall trade flows for the January to October period reported an increase. Total imports for this timeframe amounted to €11.27 billion, a 12.3 per cent rise from €10.03 billion in the same period of 2024. Exports saw a modest increase, reaching €4.62 billion, which is a 4.3 per cent rise from the previous year.
Widening Trade Deficit
With imports consistently outpacing exports, the trade deficit has widened to €6.65 billion this year, compared to €5.61 billion recorded during the same period last year. This increase highlights ongoing challenges in balancing trade.
September Trade Figures Updated
Cystat also released revised figures for September, indicating that imports that month rose to €1.21 billion, a substantial increase from €986.3 million in September 2024, representing a 22.8 per cent growth. Exports of domestically produced goods saw significant gains, climbing to €300.2 million from €207.3 million in the previous year.
Leading Export Categories
Among the main categories of exports, mineral fuels and oils led with €1.85 billion, followed by halloumi cheese at €288.3 million and pharmaceutical products at €259.5 million. Notably, mineral fuels primarily consist of products imported, processed, and then re-exported.
Looking Ahead
Cystat has indicated that while data for July, August, and September have been revised, the figures for October are still provisional, suggesting that the economic landscape may continue to evolve as more data becomes available.
