Imports of goods increased in March 2026, while exports recorded a more modest rise, leading to a further deterioration of the trade balance in the first quarter of the year, according to preliminary external trade data released by CySTAT.
In March, total imports reached €1.21 billion, marking an 11.6% year-on-year increase compared with €1.08 billion in the same month of 2025. The rise was driven by both purchases from EU Member States, which amounted to €710 million, and from third countries, at €500.7 million. It is noted that imports also include transfers of economic ownership of ships and aircraft worth €20.3 million, significantly lower than last year.
On the exports side, a 6.7% increase was recorded, with total exports reaching €506.9 million. Exports to the EU amounted to €117.7 million, while exports to third countries stood at €389.2 million. However, ship transfers also affected these figures, as they declined to €41.2 million from €98.1 million in March 2025.
On a quarterly basis, imports rose marginally by 1% to €3.32 billion, while exports fell significantly by 9.8% to €1.28 billion. This development led to a widening of the trade deficit to €2.05 billion, compared with €1.88 billion in the corresponding period of 2025.
Sharp drop in exports in February
Final data for February show a steep decline in exports, particularly of domestically produced goods. Specifically, domestic exports fell by 52.4% to €153.3 million, compared with €322.2 million in February 2025.
The decline was mainly observed in industrial products (excluding supplies to ships and aircraft), which dropped sharply to €143.2 million from €311.7 million a year earlier. By contrast, exports of agricultural products remained almost unchanged at €9.3 million.
At the same time, exports of foreign goods decreased by 47.6% to €91.1 million, reflecting a broad-based slowdown in export activity.
Fuels, pharmaceuticals and Halloumi lead exports
During the first two months of the year, the main pillars of domestic exports were mineral fuels and oils (€193 million), pharmaceutical products (€62.8 million) and Halloumi (€52.4 million).
(Source: CNA)
