Imports of goods increased in March 2026, while exports recorded a more modest rise, leading to a further deterioration of the trade balance in the first quarter of the year, according to preliminary external trade data released on Monday by the Statistical Service of Cyprus.
In March, total imports reached €1.21 billion, marking an 11.6% year-on-year increase compared with €1.08 billion in the same month of 2025. The rise was driven by both purchases from EU Member States, which amounted to €710 million, and from third countries, at €500.7 million. It is noted that imports also include transfers of economic ownership of ships and aircraft worth €20.3 million, significantly lower than last year.
On the exports side, a 6.7% increase was recorded, with total exports reaching €506.9 million. Exports to the EU amounted to €117.7 million, while exports to third countries stood at €389.2 million. However, ship transfers also affected these figures, as they declined to €41.2 million from €98.1 million in March 2025.
On a quarterly basis, imports rose marginally by 1% to €3.32 billion, while exports fell significantly by 9.8% to €1.28 billion. This development led to a widening of the trade deficit to €2.05 billion, compared with €1.88 billion in the corresponding period of 2025.
Sharp drop in exports in February
------------------------
Final data for February show a steep decline in exports, particularly of domestically produced goods. Specifically, domestic exports fell by 52.4% to €153.3 million, compared with €322.2 million in February 2025.
The decline was mainly observed in industrial products (excluding supplies to ships and aircraft), which dropped sharply to €143.2 million from €311.7 million a year earlier. By contrast, exports of agricultural products remained almost unchanged at €9.3 million.
At the same time, exports of foreign goods decreased by 47.6% to €91.1 million, reflecting a broad-based slowdown in export activity.
Fuels, pharmaceuticals and halloumi lead exports
----------
During the first two months of the year, the main pillars of domestic exports were mineral fuels and oils (€193 million), pharmaceutical products (€62.8 million) and Halloumi (€52.4 million).
CNA/TNE/EPH/2026
ENDS, CYPRUS NEWS AGENCY
