South Cyprus Trade Deficit Widens to €1.85 Billion in First Quarter of 2025

Total imports of goods for the first three months of 2025 reached €3.19 billion, compared to €2.56 billion in the first quarter of 2024, representing an increase of 24.7 per cent.

Meanwhile, total exports of goods amounted to €1.34 billion, compared to €849.1 million in the corresponding period last year, showing a significant increase of 58.3 per cent.

Imports from European Union member states stood at €586.0 million, up from €567.0 million in March 2024.

Imports from third countries rose sharply to €435.2 million in March 2025, compared to €261.1 million in the same month the previous year.

March’s import figures include the transfer of economic ownership of vessels valued at €53.7 million, up from €9.5 million recorded in March 2024.

Total exports of goods in March of this year were €409.0 million, up from €263.1 million in March 2024, registering a year-on-year increase of 55.5 per cent.

Exports to EU member states amounted to €102.8 million in March 2025, compared to €115.5 million in March 2024.

Exports to third countries surged to €306.2 million, more than doubling from €147.6 million in March 2024.

March export figures include the transfer of economic ownership of vessels worth €35.8 million, compared to €36.6 million in March 2024.

Meanwhile, final data for February 2025 showed that total imports of goods amounted to €1.04 billion, up from €863.7 million in February 2024, reflecting an increase of 19.9 per cent.

Exports of domestically produced goods, including stores and provisions for ships and aircraft, were €321.6 million in February 2025, compared to €120.5 million in February 2024 — a rise of 166.9 per cent.

Domestic exports of industrial products, excluding stores and provisions for ships and aircraft, totalled €311.1 million in February 2025, up from €111.5 million in February 2024.

Exports of agricultural products, excluding stores and provisions for ships and aircraft, reached €9.5 million in February 2025, compared to €7.9 million in the same month in 2024.

Exports of foreign products, including stores and provisions for ships and aircraft, stood at €173.0 million in February 2025, up from €153.6 million in February 2024 — an increase of 12.6 per cent.

The statistical value reported reflects the value of goods at the time and place they cross the border of Cyprus.

Domestically produced goods refer to those either wholly obtained in Cyprus or processed substantially within the country to become new or significantly altered products.

Goods that undergo only minor changes, such as repairs, are not considered domestic. Foreign goods are those not produced within the economic territory of Cyprus.

They also include compensating goods resulting from outward processing procedures, provided the processing confers foreign origin.

Source: Cyprus Mail