Cyprus’ trade deficit widened to €6.3 billion in the first eight months of 2026, as imports increased by 10.9 per cent, more than double the 5 per cent growth recorded in exports, according to provisional data released by the statistical service (Cystat) on Monday.
The trade deficit reached €6.3bn between January and August, compared with €5.48bn in the corresponding period of 2025, an increase of €819.8 million, almost 15 per cent.
Total imports of goods rose to €10.26bn during the eight-month period, up from €9.25bn a year earlier.
Exports, meanwhile, increased to €3.95bn, compared with €3.76bn during the same period of 2025.
The latest figures showed that the widening trade gap was driven by a stronger increase in imports, despite growth in exports over the eight-month period.
August alone recorded a 14.9 per cent increase in goods imports, with their total value reaching €1.32bn, compared with €1.15bn in August 2025.
Imports from other EU member states fell to €569.2m in August, compared with €630.6m a year earlier.
Imports from third countries, however, increased substantially to €754.9m, up from €521.5m in August 2025.
The August import figures included the transfer of economic ownership of vessels worth €1.1m, compared with €55m in the same month of 2025.
Exports also recorded strong growth in August, rising by 17.9 per cent to €643.5m, compared with €545.9m a year earlier.
Exports to other EU member states increased to €106.8m, up from €76m in August 2025.
Exports to third countries also rose, reaching €536.7m, compared with €469.9m a year earlier.
The August export figures included the transfer of economic ownership of vessels and aircraft worth €20.8m, compared with €54.3m in August 2025.
Despite the stronger percentage growth in exports, Cyprus recorded a trade deficit of approximately €680.6m in August alone, as the value of imported goods continued to exceed exports.
Meanwhile, Cystat’s final data for July showed that total imports reached €1.61bn, an increase of 22 per cent compared with €1.32bn in July 2025.
Exports of domestically produced goods, including stores and provisions for ships and aircraft, recorded a substantial increase during the month.
Their value rose by 33.4 per cent to €510.4m in July 2026, compared with €382.7m a year earlier.
Domestic exports of industrial products, excluding stores and provisions for ships and aircraft, amounted to €501.3m, up from €372.2m in July 2025.
Domestic exports of agricultural products, however, fell to €7.8m, compared with €8.7m a year earlier.
At the same time, exports of foreign products, including stores and provisions for ships and aircraft, declined by 13.7 per cent to €159m, down from €184.2m in July 2025.
Cystat’s final data also showed that mineral fuels and oils remained the largest category among Cyprus’ exports of domestically produced goods during the first seven months of 2026, excluding stores and provisions for ships and aircraft.
Exports of mineral fuels and oils reached €1.25bn during the January-July period, representing 59.9 per cent of the total in this category.
The statistical service clarified that these products were initially imported, processed in Cyprus and subsequently re-exported.
Halloumi cheese followed as the second-largest category, with exports worth €233.4m, representing 11.2 per cent of the total.
Pharmaceutical products ranked third, with exports valued at €208.4m, corresponding to 10 per cent.
Other categories included waste and scrap of paper, glass and metal, with exports worth €67.3m, followed by fish at €35.5m and potatoes at €30.5m.
Exports of fruit and vegetable juices reached €22.3m, while fire extinguishers and related parts accounted for €21.7m and telecommunications equipment for €21.6m.
The figures emphasised the considerable contribution of processed fuel products to Cyprus’ domestic export figures, alongside the continued importance of halloumi and pharmaceuticals.
Cystat noted that the figures for August remain provisional, while previously published import and export data for several earlier periods have been revised.