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Cyprus Trade Deficit Widens To €4.68 Billion As Imports Rise In 2026

by News Editor

August 27, 2026

Cyprus’ trade deficit widened 15.4% in the first half of 2026 as imports increased and exports declined, even as trade with countries outside the EU expanded during the second quarter. Imports reached €7.30 billion between January and June, up 8.8% from a year earlier, while exports fell 1.2% to €2.62 billion, according to the Cyprus Statistical Service (Cystat).

EU Trade Expands In Second Quarter

Extra-EU imports rose 9.9% in the second quarter from the previous three months to €701.8 billion, while exports increased 5.4% to €680 billion. Year on year, imports were up 11.7% and exports rose 4.5%.

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China remained the EU’s largest source of imports at €153.6 billion, or 21.9% of the total, followed by the United States at €98.7 billion and the United Kingdom at €43.4 billion. The United States was also the largest export market at €127.7 billion, ahead of the United Kingdom and Switzerland.

Cyprus Records Sharp Deficit In June

June brought another significant deterioration in Cyprus’ trade balance. Imports rose 11.9% year on year to €1.29 billion, while exports fell 9.9% to €463 million, producing a monthly deficit of about €826.3 million, almost 30% higher than in June 2025.

Imports from EU countries increased to €730.7 million from €615.1 million, while non-EU imports rose to €558.6 million. Exports to EU markets increased to €212 million, but shipments outside the bloc fell sharply to €251 million from €365.1 million.

May Exports Rebound

May provided a stronger export result, with total exports jumping 59.2% year on year to €521.6 million. Domestic exports rose 63.9% to €348.1 million, while exports of foreign products increased 50.5% to €173.5 million.

Industrial products accounted for €334.7 million of domestic exports, while agricultural exports fell to €12.2 million.

Mineral Fuels Lead Domestic Exports

Mineral fuels and oils remained Cyprus’ largest domestic export category during the first five months of 2026, generating €743.6 million, or 55.5% of the total. Cystat said these products were imported, processed in Cyprus and subsequently re-exported.

Halloumi accounted for €167.5 million, or 12.5%, while pharmaceutical products generated €144.2 million, or 10.8%.

Import Dependence Remains High

Cyprus imported €13.87 billion worth of goods and exported €5.58 billion in 2025, highlighting the country’s persistent trade imbalance.

Cystat said the June figures remain provisional, while several earlier monthly figures have been revised. The first-half data show that Cyprus’ reliance on imports remains significant despite stronger trade flows across the wider European economy.

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Cyprus’ Strong Youth Employment Rate Still Does Not Guarantee Early Independence

by THEFUTURE.TEAM

September 16, 2026

Young people in Cyprus have a relatively high employment rate, but they leave the parental home later than the EU average, according to Eurostat data.

Cypriots left home at an average age of 27 in 2025, compared with 26.3 years across the EU. At the same time, 72.3% of people aged 20 to 29 in Cyprus were employed, well above the EU average of 65.5%.

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Strong Employment Does Not Mean Early Independence

Only nine countries recorded higher youth employment rates than Cyprus. Iceland led at 85.3%, followed by the Netherlands at 84%, Malta at 82.1%, Switzerland at 78.3% and Germany at 77%.

Norway recorded 76.5%, Ireland 76.1%, Denmark 74.8% and Austria 74.6%. Eurostat said countries where young people leave home earlier generally tend to have higher youth employment rates.

Southern Europe Sees Later Moves

Finland had the lowest average age for leaving the parental home at 21.4 years, followed by Denmark at 21.8 and Estonia and Lithuania at 22.7. Croatia recorded the highest average at 31.5 years, followed by Greece and Slovakia at 30.9. Spain and Italy both stood at 30.2 years.

Across the EU, the average has remained close to 26 since 2002, rising only slightly from 26.2 years in 2024 to 26.3 years in 2025.

Cyprus Labour Market Is Cooling

The figures come as Cyprus’ labor market shows some signs of easing, although demand for workers remains relatively strong by European standards.

Separate Eurostat data showed Cyprus had the EU’s largest annual decline in its job vacancy rate in the second quarter of 2026. The rate fell to 2.6% from 3.3% a year earlier, but remained above the EU average of 2.0% and the euro area average of 2.1%.

Cost Of Living Remains A Factor

Housing and other living costs can also affect how quickly young workers establish independent households. Eurostat reported that Cyprus’ household consumption price level was 89.2% of the EU average in 2025.

A relatively lower overall price level does not eliminate affordability pressures for people on modest incomes. For younger workers, the issue can be whether wages are sufficient to cover rent, utilities, food and other basic expenses.

Cyprus therefore combines relatively high youth employment with a later transition to independent living, suggesting that access to work and the ability to afford a separate household do not always move together.