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Greek Feta Producers Scramble For Strategy After U.S. Tariffs Threaten Exports

A cooperative of 1,200 stock breeders in southern Greece had one clear goal for this year: breaking into the U.S. market with their renowned feta cheese. This ambitious expansion plan, however, now hangs in the balance after President Donald Trump announced a 10% tariff on most imported goods, including dairy products from the European Union.

In 2019, Greece successfully negotiated an exemption for feta from U.S. tariffs, but that reprieve is now a distant memory. Trump’s new tariff regime also includes a 20% reciprocal levy on European goods, including feta, leaving Greek producers with mounting concerns over the future of their exports.

“We’re uncertain how much of this tariff will be passed on to consumers. It’s a gamble,” said Konstantinos Latsis, the cooperative’s general manager, speaking from inside the dairy’s cold room where 6,000 barrels of feta are aging in brine. The cooperative produces around 5,000 tonnes of barrel-aged feta annually, which it supplies to the Greek market, but it’s eyeing the U.S. as a critical growth opportunity.

Greece, a country with over 6,000 years of feta-making tradition, produced 140,000 tonnes of the iconic cheese last year, valued at €800 million. Approximately 8% of that production was exported to the U.S.—a market where demand for Greek feta has surged, doubling over the past four years. But now, with the looming tariffs, Greek exporters are preparing for a sharp decline in U.S. sales.

“I’m afraid the tariffs will significantly reduce feta exports to the U.S.,” said Christos Apostolopoulos, head of Greece’s dairy industry association. “We’ll have to rethink our strategy and focus on diversifying into other markets.”

Despite the uncertainty, Latsis remains cautiously optimistic. “Even with the tariffs, the U.S. market is too large to ignore,” he said. “We’ll continue to work on our presence there, adapting as we go.”

For now, Greek feta producers face an uphill battle. The question remains: Can the country’s prized cheese find a way through the tariff maze, or will it be forced to shift focus to other markets? The coming months will be pivotal for the future of Greece’s feta exports to the U.S.

Cyprus Government Surplus Rises To €1.61 Billion In First Nine Months Of 2026

Cyprus recorded a general government surplus of €1.61 billion in the first nine months of 2026, equal to 4.0% of gross domestic product, as revenue growth outpaced the rise in public spending. Higher receipts from income taxes, social contributions and value-added tax (VAT) drove the improvement, while lower capital expenditure helped restrain spending.

Preliminary figures released Tuesday by the Statistical Service of Cyprus show the surplus rose to €1.17 billion, or 3.0% of GDP, up from € 442.1 million in the same period of 2025.

Total government revenue increased 6.5% to €12.09 billion, while expenditure rose 2.9% to €10.48 billion.

Key Fiscal MeasureJanuary–September 2025January–September 2026
Total revenue€11,353.9 million€12,091.8 million
Total expenditure€10,186.2 million€10,482.1 million
Government surplus€1,167.6 million€1,609.7 million
Surplus as a share of GDP3.0%4.0%

Income Taxes And VAT Lead Revenue Growth

Taxes on income and wealth made the largest contribution to the increase in revenue. Receipts in this category climbed by €442.2 million, or 15.3%, to €3.34 billion, compared with €2.89 billion a year earlier.

Social contributions rose by €235 million, or 6.6%, to €3.78 billion. Taxes on production and imports increased by €251.5 million, or 7.2%, reaching €3.77 billion.

Net VAT receipts, after refunds, totalled €2.64 billion, up €293.1 million, or 12.5%, from €2.35 billion in the first nine months of 2025.

Some Revenue Streams Decline

Not all revenue categories moved higher. Capital transfers fell by €74.6 million to €96.7 million, while current transfers declined by €71.6 million, or 20.5%, to €278.2 million.

Revenue from services slipped 1.0% to €743.5 million. Interest and dividend receipts dropped by €37 million, or 28.6%, to €92.4 million.

Social Benefits And Personnel Costs Increase

On the expenditure side, social benefits rose by €199.6 million, or 4.9%, to €4.27 billion. Compensation of employees—which includes imputed social contributions and public-sector pensions—increased by €108.3 million, or 3.8%, to €2.99 billion.

Intermediate consumption, covering goods and services used in the delivery of public services, rose by €114.3 million, or 11.0%, to €1.16 billion. Interest payments increased by €8.7 million, or 2.6%, to €340.7 million. Current transfers were up €68.7 million, or 10.6%, at €714.7 million.

Lower Capital Spending Limits Expenditure Growth

The overall increase in spending was tempered by a decline in capital expenditure. Capital-account spending fell by €189.9 million, or 16.9%, to €936.2 million from €1.13 billion in the same period last year.

Investment in fixed capital declined by €94.1 million, or 12.1%, to €686.4 million. Other capital transfers fell by €95.8 million, or 27.7%, to €249.8 million. Subsidies also decreased, dropping by €13.9 million, or 15.5%, to €75.8 million.

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