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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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Eurobank Wins Two Euromoney Awards Following Cyprus Merger

Eurobank has been named Cyprus’ Best Bank for 2026 by Euromoney, while also receiving the award for Best Bank for Large Corporates at the publication’s latest Awards for Excellence.

Merger Marks A Milestone

The awards recognise the bank’s performance during 2025, a year marked by the completion of the legal merger between Hellenic Bank and Eurobank Cyprus. The transaction created Eurobank Limited, which the group says is now Cyprus’ largest banking and insurance organisation, with assets exceeding €28 billion.

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Euromoney’s Awards for Excellence evaluate banks’ performance over the previous calendar year, with this edition covering January 1 to December 31, 2025.

Lending, Customers And Digital Growth

Eurobank said its business lending portfolio expanded by around 17 per cent during 2025, while its customer base grew to more than 710,000 retail clients and 11,500 business customers.

The bank also continued its digital expansion, saying more than 96 per cent of transactions are now completed through digital channels, and most financing applications are submitted via its mobile app.

Expanding International Presence

Eurobank also highlighted the opening of its first representative office in India, describing the move as a step toward strengthening business links between Cyprus and India while supporting Cyprus’ role as a gateway to the European Union for Indian businesses and investors.

According to the bank, Euromoney recognised not only the successful completion of the merger but also its lending growth, digital transformation and contribution to Cyprus’ position as an international business and investment hub.

CEO On The Awards

“The Euromoney awards confirm Eurobank’s strong momentum and the successful implementation of our group’s strategy in Cyprus,” Chief Executive Michalis Louis said.

He said the merger strengthened the bank’s ability to support households, businesses and the wider economy, while highlighting continued investment in digital services and the opening of the representative office in India as key milestones during the year.