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Cyprus Trade Deficit Widens In 2025 Amid Shifting Import And Export Dynamics

by THEFUTURE.TEAM

January 9, 2026

Overview Of Cyprus Trade Imbalance

In a revealing economic report, Cyprus experienced a significant widening of its trade deficit, reaching €7.28 billion during the first eleven months of 2025. The disparity is predominantly due to robust imports outpacing exports, as outlined in provisional data released by the Cyprus Statistical Service (Cystat).

Fluctuations In Import Activity

Data from November 2025 indicates that total imports of goods totaled €1.04 billion, marking a 10.6% decline when compared with €1.16 billion recorded in November 2024. Imports sourced from other EU member states were valued at €595.70 million, while goods originating from third countries amounted to €442.70 million—down from €657.50 million and €503.90 million respectively in the corresponding period of the previous year.

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Notably, the transfer of economic ownership of vessels was a minor component of November imports, valued at €10.00 million as opposed to €138.70 million in the prior year, underscoring a shift in this niche segment of trade.

Export Growth And Regional Shifts

Despite the overall trade deficit, export activity showed positive momentum. In November 2025, total exports reached €407.10 million, a 6.3% increase over the €382.90 million reported in November 2024. Exports to EU member states were valued at €106.50 million, whereas exports to third countries were classified at €300.60 million—up from €83.10 million and €299.80 million respectively in the previous year.

In the context of vessel transfers, November exports included a €42.60 million transaction, down from €55.50 million a year earlier, indicating sector-specific challenges.

Annual Trade Performance And Sector Analysis

For the period spanning January to November 2025, Cyprus recorded total goods imports of €12.31 billion, reflecting a 9.9% year-on-year increase from €11.20 billion. Simultaneously, total exports for the period rose to €5.03 billion, a 4.5% increase from €4.81 billion in the corresponding period of 2024. Consequently, the overall trade deficit widened to €7.28 billion, compared with €6.39 billion in 2024.

Monthly snapshots, such as the final data for October 2025, reveal that imports dropped 8.9% from €1.27 billion in October 2024 to €1.15 billion in October 2025. Meanwhile, exports of domestically produced products, which include essential items for ships and aircraft, slipped by 16.4% from €296.40 million to €247.70 million. Domestic industrial product exports also saw a decline, falling from €289.00 million to €238.70 million, whereas agricultural exports nudged upward from €6.10 million to €7.80 million. Additionally, exports of foreign products experienced a 4.7% decrease from €150.40 million to €143.30 million.

Sector-Specific Export Highlights

Among the principal exports of domestically produced goods—excluding stores and provisions for ships and aircraft—the leading categories for January to October 2025 were mineral fuels and oils, which stood at €2.00 billion, halloumi cheese at €309.70 million, and pharmaceutical products at €289.70 million. These figures underscore the varied and strategic nature of Cyprus’s export economy.

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Societe Generale Bank Cyprus Introduces Four-Day Workweek Under New Labour Agreement

The Societe Generale Bank – Cyprus has introduced a four-day workweek for employees during July and August under a renewed collective agreement with the banking union ETYK.

Setting A New Standard For Banking Institutions

Societe Generale Bank Cyprus employs around 100 staff members. The new agreement introduces a reduced working schedule during the summer months as part of the collective contract for 2023–2027.

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ETYK supported the introduction of the four-day schedule during negotiations for the agreement. Other financial institutions, including Bank of Cyprus, Eurobank Ltd, Alpha Bank, National Bank of Greece (Cyprus), the Housing Finance Organization, the Bankers Association representing personnel, KEIDIPES and several insurance subsidiaries, signed separate agreements with ETYK that do not include a four-day workweek.

Key Provisions And Broader Implications

The collective agreement introduces a four-day workweek during July and August. Employees will work their regular daily hours across four days on a rotational basis while banking services continue throughout the week.

Additional provisions in the agreement include several benefits for employees. Staff will receive a one-time bonus of €1,500 upon signing the contract, a three-day increase in annual leave, adjustments to salary scales and higher contractual loan limits.

Comparative Analysis With Industry Peers

The agreement differs from arrangements negotiated between ETYK and the Banking Employers Association. Under those agreements, employees received an additional six days of annual leave. The Societe Generale Bank Cyprus agreement provides a three-day increase, bringing total annual leave to 36 days, excluding public holidays.

The bonus structure also differs. Agreements with the Banking Employers Association include a total bonus of €4,500 paid in three installments in 2025, 2026 and 2027. Societe Generale employees receive a single payment of €1,500.

Looking Forward

ETYK said the introduction of a four-day workweek during the summer months reflects discussions about working conditions in the banking sector. The arrangement may contribute to broader discussions about work schedules and employee benefits within the financial industry in Cyprus.