2025.09.0909:21:56UTC+00Cyprus Trade Deficit Narrows in July

In July 2025, Cyprus witnessed a reduction in its trade deficit, which decreased to €699.4 million from €739.7 million compared to the same period the previous year. This improvement was primarily driven by a significant increase in exports while imports experienced a more moderate rise. Exports soared by an impressive 72.7% year-on-year, totaling €564.3 million. This surge was bolstered by increased exports to the European Union, which rose to €170.7 million from €102.0 million in July 2024, and to non-EU countries, which rose to €393.6 million from €224.8 million. Notably, there was a substantial increase in vessel transfers, amounting to €89.9 million, up from €20.4 million previously. On the other hand, total imports grew 18.5% to reach €1,263.7 million, fueled by heightened purchases from both EU countries, which increased to €709.3 million from €645.5 million, and from countries outside the EU, which rose to €554.4 million from €421.0 million. The value of vessel transfers within imports was €8.7 million, compared to €12.6 million previously. Over the January to July period, the trade deficit expanded to €4,567.4 million from €4,388.1 million in the previous year, despite a 37.4% surge in exports, reaching €3,193.5 million, a reflection of stronger shipments and growing external demand. During the same period, imports increased by 15.6% to €7,760.9 million.