Cyprus recorded a sharp increase in goods exports in May 2026, boosted in part by transfers of economic ownership of vessels, but a strong rise in imports led to a wider trade deficit during the first five months of the year, according to provisional data released Friday by the Statistical Service of Cyprus.

Total exports of goods reached €520.4 million in May 2026, up 58.9% from €327.6 million in the corresponding month of 2025. Exports to other European Union member states amounted to €127.3 million, while exports to third countries rose to €393.1 million, compared with €211.1 million a year earlier.

The May figures include transfers of economic ownership of vessels valued at €34.8 million, compared with €7.5 million in May 2025.

Meanwhile, total imports of goods increased by 22.3% year-on-year to €1.309 billion from €1.070 billion in May 2025. Imports from other EU member states amounted to €705.0 million, while imports from third countries reached €604.1 million.

Imports in May also included transfers of economic ownership of vessels and aircraft worth €79.9 million, compared with €40.4 million in the same month last year.

During the January-May 2026 period, total imports rose by 8.0% to €5.998 billion, compared with €5.553 billion in the corresponding period of 2025. Total exports increased by a modest 1.0% to €2.158 billion from €2.136 billion a year earlier.

As a result, the trade deficit widened to €3.840 billion in the first five months of 2026, compared with €3.417 billion in the same period of 2025.

Final April data

According to the final figures for April, total imports of goods increased by 14.9% year-on-year to €1.369 billion, compared with €1.191 billion in April 2025.

Exports of domestically produced products, including stores and provisions for ships and aircraft, fell by 20.5% to €220.9 million from €277.7 million a year earlier.

Domestic exports of industrial products, excluding stores and provisions for ships and aircraft, declined to €205.9 million from €263.2 million, while domestic exports of agricultural products edged up to €14.0 million from €13.4 million.

Exports of foreign products, including stores and provisions for ships and aircraft, increased by 22.7% to €142.2 million from €115.9 million in April 2025.

For the January-April 2026 period, the main categories of domestically produced exports, excluding stores and provisions for ships and aircraft, were mineral fuels and oils, valued at €517.4 million, followed by halloumi cheese (€130.2 million) and pharmaceutical products (€123.0 million).

The Statistical Service noted that the “mineral fuels and oils” category refers to products that were initially imported, processed and subsequently re-exported.