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Cyprus Trade Deficit Widens To €3.1 Billion In Early 2026

by THEFUTURE.TEAM

June 11, 2026

Overview Of Q1 2026 Trade Figures

Cyprus recorded a trade deficit of €3.057 billion during the January-April 2026 period, compared with €2.675 billion in the corresponding period of 2025, according to data published by the Statistical Service. The increase reflects higher imports alongside lower exports during the first four months of the year.

Rising Imports Drive The Imbalance

Total imports reached €4.697 billion between January and April 2026, up 4.8% from €4.483 billion a year earlier. Imports in April alone increased by 15.1% to €1.371 billion, compared with €1.191 billion in April 2025. Goods imported from EU member states were valued at €645.3 million, while imports from third countries reached €725.4 million. April’s figures include transfers of economic ownership of ships valued at €240.4 million, compared with €100.4 million during the same month last year.

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Declining Exports Compound The Deficit

In contrast, total goods exports for the first quarter of 2026 fell to €1.6399 billion, a decrease of 9.3% from €1.8085 billion in the same period last year. April 2026 exports were reported at €363.6 million, down 7.6% from the €393.6 million recorded in April 2025. Exports to European Union countries generated €119.6 million, while those to third countries were valued at €244.0 million, compared to €109.2 million and €284.4 million, respectively, in April 2025.

Amid these figures, the transfer of economic ownership of ships as part of exports increased marginally to €33.8 million from €32.8 million in the previous year.

Final March Figures Reveal Sector Dynamics

Final data for March show imports increased by 11.6% to €1.211 billion from €1.085 billion in March 2025. Exports of domestically produced goods, including ships and aircraft, rose by 29.3% to €368.2 million from €284.8 million a year earlier. Domestic exports of industrial products, excluding ships and aircraft, increased to €352.4 million from €273.0 million. Agricultural exports rose to €14.7 million from €11.0 million.

At the same time, exports of foreign-produced goods, including supplies for ships and aircraft, declined by 27.5% to €137.8 million from €190.2 million. During the January-March period, the largest categories of domestic exports, excluding supplies for ships and aircraft, were minerals, fuels and oils valued at €424.7 million, followed by pharmaceutical products at €94.8 million.

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Cyprus Promotes Ship Registry In Asia As Fleet Grows To 25-Year High

by THEFUTURE.TEAM

October 19, 2026

Cyprus is stepping up efforts to attract international shipowners, with Shipping Deputy Minister Marina Hadjimanolis holding high-level meetings in China and Japan as the country’s ship register reaches its strongest level in 25 years.

Running from October 14 to 29, the Asian mission focuses on expanding commercial ties, promoting the advantages of the Cyprus flag and strengthening cooperation with shipowners, shipbuilders and maritime authorities.

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China Meetings Target Shipowners And Industry Leaders

In Shanghai, Hadjimanolis met Wang Qian, vice-director of the Shanghai Pudong New Area Commission of Commerce and Shipping Service Office, ahead of the North Bund International Shipping Forum on October 20–21. Organisers expect around 4,000 participants from more than 50 countries and regions, with discussions covering international shipping, maritime safety, financing, insurance, digitalisation and the transition to cleaner fuels.

The minister also met representatives of Dalian Trawind Shipping and Fortuna Shipbrokers Inc. to present the Cyprus registry’s advantages and explore registration opportunities for vessel owners. On October 20, she is scheduled to speak at the 10th Annual Capital Link International Shipping Forum in Pudong, joining a ministerial roundtable on international maritime leadership.

A visit to Zhoushan is also planned for the naming ceremony of Kypros Island, a new vessel for the Cyprus register owned by Safe Bulkers. Launched in June at the Tsuneishi shipyard on Xiushan Island, the 81,200-deadweight-tonne methanol dual-fuel bulk carrier is scheduled for delivery at the end of October. According to the Zhejiang Maritime Safety Administration, sea trials were due to take place between October 11 and 16.

Japan Engagements Strengthen Maritime Ties

Before travelling to China, Hadjimanolis met Japan’s Parliamentary Vice-Minister for Land, Infrastructure, Transport and Tourism, Kenta Aoshima, in Tokyo on October 16. Her programme also included meetings with senior representatives of Shoei Kisen Kaisha, Nihon Shipyard, NYK Line, ITOCHU Corporation and SSY Projects, focusing on cooperation with Japanese shipowners, shipbuilders and shipping operators.

At the 5th Annual Capital Link Japan Maritime Forum, held at the Tokyo American Club, Hadjimanolis discussed maritime leadership, competitiveness, policy and international cooperation with Capital Link founder and president Nicolas Bornozis. Other sessions examined Japan’s shipbuilding strategy, new-vessel financing and the development of ammonia-powered ships.

The Tokyo programme followed a Cyprus Ship Registry reception on October 15 for representatives of Japan’s maritime and business communities. Hadjimanolis outlined the country’s shipping services and regulatory framework, while Polys Hajioannou, chief executive of Safe Bulkers and president of the Cyprus Union of Shipowners, delivered the opening remarks.

Registry Reaches Highest Level In 25 Years

At the reception, Hadjimanolis said the Cyprus Ship Registry had grown by 27% since September 2023, reaching its highest level in a quarter of a century. She attributed the expansion to efforts to improve competitiveness, simplify administrative procedures and provide more responsive services to international shipowners.

Cyprus’s inclusion on the White Lists of the Paris and Tokyo Memoranda of Understanding was another point highlighted by the minister. These lists reflect the safety and inspection performance of ships flying a national flag.

Existing commercial links with Japan include Safe Bulkers’ announcement in May of four Japanese-built dry bulk vessels scheduled for delivery in 2029.

South Korea Next On The Maritime Agenda

Hadjimanolis’ mission will continue in South Korea, where she is expected to attend the 2026 World Maritime Day Parallel Event and Korea Maritime Week alongside International Maritime Organization Secretary-General Arsenio Dominguez and government representatives from several countries.

Her programme will also include discussions on implementing international maritime conventions and bilateral talks aimed at strengthening Cyprus’s shipping ties with South Korea.

The Asian outreach comes as maritime centres compete for shipowners amid geopolitical uncertainty, fleet renewal and pressure to reduce shipping emissions. For Cyprus, the strategy combines promotion of its registry with closer relationships across Asia’s shipbuilding and shipping sectors.