Cyprus’ trade deficit widened sharply in the first seven months of 2026 as imports rose by 11.4 per cent, significantly outpacing the growth in exports, according to provisional data released by the Cyprus Statistical Service (Cystat) on Wednesday.

The trade deficit reached €5.62 billion between January and July, compared with €4.80 billion in the corresponding period of 2025, an increase of €821.20 million.

Total imports of goods reached €8.93bn in the first seven months, up from €8.02bn a year earlier.

Exports, meanwhile, rose by a more modest 2.8 per cent to €3.31bn, compared with €3.22bn during the same period of 2025.

The latest figures showed that the widening trade gap was driven primarily by the stronger increase in imports, although exports also recorded growth over the seven-month period.

July alone recorded a particularly strong increase in goods trade, with total imports reaching €1.61bn, up 22.8 per cent from €1.31bn in July 2025.

Imports from other EU member states amounted to €787.80m in July, compared with €745.70m a year earlier.

Imports from third countries reached €821.60m, compared with €565.20m in July 2025.

The July import figures included the transfer of economic ownership of vessels worth €136.10m, compared with €23.40m in the same month of 2025.

Exports also increased in July, reaching €666.80m compared with €567.10m a year earlier, representing a rise of 17.6 per cent.

Exports to other EU member states fell to €127.80m in July from €173.50m in July 2025.

Exports to third countries, however, increased substantially to €539.00m from €393.60m a year earlier.

The July export figures included the transfer of economic ownership of vessels worth €35.30m, compared with €89.90m in July 2025.

The final data for June showed that total imports stood at €1.31bn, an increase of 13.9 per cent compared with €1.15bn in June 2025.

Domestic exports, however, recorded a substantial decline during the month, according to the statistical service.

Exports of domestically produced products, including stores and provisions for ships and aircraft, fell by 31.6 per cent to €238.00m in June 2026 from €347.70m a year earlier.

Domestic exports of industrial products, excluding stores and provisions for ships and aircraft, amounted to €228.10m in June, compared with €336.90m in June 2025.

Domestic exports of agricultural products, excluding stores and provisions for ships and aircraft, stood at €8.50m, down from €9.70m a year earlier.

At the same time, exports of foreign products increased strongly, rising by 35.3 per cent to €225.20m in June from €166.40m in June 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 six months of 2026, excluding stores and provisions for ships and aircraft.

Exports of mineral fuels and oils reached €858.70m during the January-June period.

Halloumi cheese was the second-largest category, with exports worth €201.90m, the statistical service reported.

Pharmaceutical products followed with exports worth €179.80m, the report added.

The figures underline the continued importance of fuel-related exports to Cyprus’ external trade performance, while also highlighting the contribution of halloumi and pharmaceutical products to the country’s domestic exports.