Cyprus recorded a sharp increase in goods exports in May 2026, boosted in part by transfers of economic ownership of vessels, but a strong rise in imports led to a wider trade deficit during the first five months of the year, according to provisional data released Friday by the Statistical Service of Cyprus.
Total exports of goods reached pound 520.4 million in May 2026, up 58.9% from pound 327.6 million in the corresponding month of 2025. Exports to other European Union member states amounted to pound 127.3 million, while exports to third countries rose to pound 393.1 million, compared with pound 211.1 million a year earlier.
The May figures include transfers of economic ownership of vessels valued at pound 34.8 million, compared with pound 7.5 million in May 2025.
Meanwhile, total imports of goods increased by 22.3% year-on-year to pound 1.309 billion from pound 1.070 billion in May 2025. Imports from other EU member states amounted to pound 705.0 million, while imports from third countries reached pound 604.1 million.
Imports in May also included transfers of economic ownership of vessels and aircraft worth pound 79.9 million, compared with pound 40.4 million in the same month last year.
During the January-May 2026 period, total imports rose by 8.0% to pound 5.998 billion, compared with pound 5.553 billion in the corresponding period of 2025. Total exports increased by a modest 1.0% to pound 2.158 billion from pound 2.136 billion a year earlier.
As a result, the trade deficit widened to pound 3.840 billion in the first five months of 2026, compared with pound 3.417 billion in the same period of 2025.
Final April data
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According to the final figures for April, total imports of goods increased by 14.9% year-on-year to pound 1.369 billion, compared with pound 1.191 billion in April 2025.
Exports of domestically produced products, including stores and provisions for ships and aircraft, fell by 20.5% to pound 220.9 million from pound 277.7 million a year earlier.
Domestic exports of industrial products, excluding stores and provisions for ships and aircraft, declined to pound 205.9 million from pound 263.2 million, while domestic exports of agricultural products edged up to pound 14.0 million from pound 13.4 million.
Exports of foreign products, including stores and provisions for ships and aircraft, increased by 22.7% to pound 142.2 million from pound 115.9 million in April 2025.
For the January-April 2026 period, the main categories of domestically produced exports, excluding stores and provisions for ships and aircraft, were mineral fuels and oils, valued at pound 517.4 million, followed by halloumi cheese (pound 130.2 million) and pharmaceutical products (pound 123.0 million).
The Statistical Service noted that the “mineral fuels and oils” category refers to products that were initially imported, processed and subsequently re-exported.