Nicosia: 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.
According to Cyprus News Agency, 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.
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.