Cyprus recorded a trade deficit of €3.26 billion in the first five months of 2025, slightly up from €3.18 billion in the same period of 2024, according to figures released on Thursday by the statistical service.

Specifically, total imports of goods from January to May 2025 amounted to €5.37 billion, rising by 13.7 per cent from €4.73 billion in the corresponding period of the previous year.

Over the same timeframe, total exports of goods reached €2.12 billion, marking a 36.9 per cent increase from €1.55 billion in January to May 2024.

Provisional data for May 2025 showed that imports stood at €1.00 billion, a 5.5 per cent decline compared to €1.06 billion in May 2024.

Imports from other EU member states totalled €596.30 million, down from €629.40 million in the same month of the previous year.

Imports from third countries reached €405.50 million in May 2025, compared to €430.70 million a year earlier.

The May 2025 imports included the transfer of economic ownership of vessels valued at €4.60 million, significantly lower than €88.10 million in May 2024.

Exports for the same month stood at €319.70 million, down 7.0 per cent from €343.60 million in May 2024.

Exports to EU member states rose to €109.20 million, up from €94.00 million in May 2024.

Exports to third countries fell to €210.50 million in May 2025, compared to €249.60 million the previous year.

The export total in May 2025 included €6.80 million from the transfer of economic ownership of vessels, a sharp drop from €68.60 million in May 2024.

What is more, final data for April 2025 showed that total imports reached €1.16 billion, up 5.0 per cent from €1.11 billion in April 2024.

At the same time, exports of domestically produced products, including stores and provisions for ships and aircraft, amounted to €277.00 million in April 2025, up 25.2 per cent from €221.30 million the year before.

Within this category, industrial product exports totalled €262.50 million in April 2025, compared to €205.60 million in April 2024.

Exports of agricultural products were slightly lower at €13.40 million in April 2025, down from €14.50 million in the same month of the previous year.

Exports of foreign products, including stores and provisions, fell to €113.70 million in April 2025, from €131.10 million in April 2024, reflecting a 13.3 per cent decrease.

Meanwhile, the statistical service clarified that the statistical value of goods refers to their worth at the time and place they cross Cyprus’ border.

Domestically produced goods are defined as those wholly obtained in Cyprus or substantially transformed there, even if initially produced elsewhere.

Goods that undergo only minor changes or repairs after importation and retain their essential characteristics are not classified as domestic.

Finally, foreign goods include those not produced within Cyprus’ economic territory and those obtained through outward processing procedures that confer foreign origin.