Cyprus’ trade deficit has ballooned by about 1 billion euros this year, to €5.15 billion between January and August, as imports outpaced exports by a wide margin.
Cyprus Statistical Service (CyStat) data showed total imports jumped 14.2% to €8.88 billion, compared to €7.78 billion last year. Exports, meanwhile, rose just 2.8% to €3.73 billion.
Economists say the figures reflect Cyprus’ continued dependence on imports, from vehicles and machinery to consumer goods, as well as a notable increase in ship ownership transfers, which added tens of millions to August’s import total alone.
August proved particularly busy: Imports climbed 11.9%, while exports surged 82.7%, largely due to shipping-related transactions. Exports to non-EU countries more than doubled, from €217 million to €457 million, showing some signs of diversification in trade partners. Final July figures also confirmed the trend, with imports up 19.4% and domestic exports, mostly industrial products, rising 76.7%.
Still, the overall picture remains lopsided. Cyprus continues to consume more than it produces, leaving the economy vulnerable to external costs and price swings.