Xipre: Visió econòmica i política
The geographical location of Cyprus (being a bridge between West and East), along with its good airlines and telecommunications infrastructure, has enabled the country to turn itself into an important regional and international business centre. The country's foreign trade represents 190% of GDP (World Bank) and is mainly oriented towards the EU. In 2022, Cyprus primarily imported mineral fuels and oils (EUR 2,626.5 million), vessels (EUR 1,302.4 million), electrical machinery and materials (EUR 630.4 million), motor cars, other vehicles, and parts (EUR 626.0 million), and other machinery, boilers, appliances, and their parts (EUR 580.9 million). The key products of domestic origin exported from Cyprus in 2022 included mineral fuels and oils (EUR 455.9 million), pharmaceutical products (EUR 336.5 million), halloumi cheese (EUR 284.5 million), waste and scrap (paper, glass, metal) (EUR 87.0 million), and potatoes (EUR 42.4 million – data CyStat).
In 2022, intra-EU imports comprised 60.8% of the total, down from 65.1% in 2021, while extra-EU imports accounted for 39.2%, up from 34.9% in 2021. In 2022, intra-EU exports constituted 26.0%, down from 27.4% in 2021, while extra-EU exports made up 74.0%, up from 72.6% in 2021. The primary partner countries for imports in 2022 were Greece (EUR 2,640.9 million), Italy (EUR 1,183.9 million), China (EUR 898.2 million), Israel (EUR 835.9 million), and Germany (EUR 600.5 million). For exports of domestic goods, the main partner countries were Lebanon (EUR 287.3 million), the United Kingdom (EUR 204.8 million), Greece (EUR 121.0 million), and Israel (EUR 81.6 million - data CyStat).
Cyprus' trade balance is traditionally in deficit because the country has to import extensively in order to satisfy domestic demand (particularly, for energy supplies). In 2022, the country exported USD 4.3 billion worth of goods, importing USD 12 billion (+11.6% and +16.5% y-o-y, respectively). However, Cyprus is a net service exporter (USD 21.2 billion in 2022 against USD 15.1 billion in imports). According to the provisional 2023 data from CyStat, total goods imports amounted to EUR 12,764.2 million, up from EUR 11,470.0 million in 2022, marking an 11.3% increase. Total goods exports for January to December 2023 were EUR 4,189.5 million, indicating a 0.5% decrease. The trade deficit was EUR 8,574.7 million in 2023, compared to EUR 7,261.2 million in 2022.
Foreign Trade Values | 2018 | 2019 | 2020 | 2021 | 2022 |
Imports of Goods (million USD) | 10,815 | 9,127 | 8,761 | 10,309 | 12,015 |
Exports of Goods (million USD) | 5,052 | 3,453 | 3,063 | 3,888 | 4,342 |
Imports of Services (million USD) | 9,116 | 10,946 | 12,497 | 14,424 | 15,126 |
Exports of Services (million USD) | 14,806 | 16,399 | 16,963 | 20,361 | 21,215 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2018 | 2019 | 2020 | 2021 | 2022 |
Foreign Trade (in % of GDP) | 148.5 | 152.0 | 164.2 | 170.3 | 183.4 |
Trade Balance (million USD) | -5,303 | -5,180 | -4,842 | -5,120 | -6,203 |
Trade Balance (Including Service) (million USD) | 366 | 260 | -332 | 803 | -144 |
Imports of Goods and Services (Annual % Change) | 4.3 | 9.5 | 3.2 | 9.0 | 18.8 |
Exports of Goods and Services (Annual % Change) | 7.2 | 8.7 | 2.2 | 13.6 | 13.7 |
Imports of Goods and Services (in % of GDP) | 73.6 | 75.5 | 82.8 | 83.7 | 91.9 |
Exports of Goods and Services (in % of GDP) | 75.0 | 76.5 | 81.4 | 86.6 | 91.5 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2023 | 2024 (e) | 2025 (e) | 2026 (e) | 2027 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 3.8 | 3.4 | 3.0 | 3.0 | 2.7 |
Volume of imports of goods and services (Annual % change) | 3.8 | 3.4 | 3.2 | 3.4 | 3.2 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2022 |
Hong Kong SAR, China | 10.7% |
Lebanon | 7.5% |
Greece | 7.1% |
Liberia | 5.8% |
United Kingdom | 5.6% |
Marshall Islands | 3.9% |
United Arab Emirates | 3.9% |
Libya | 3.0% |
Israel | 2.5% |
Germany | 2.4% |
United States | 2.3% |
Singapore | 1.8% |
Seychelles | 1.6% |
France | 1.5% |
India | 1.4% |
Nigeria | 1.2% |
Italy | 1.1% |
Togo | 1.0% |
Russia | 1.0% |
Netherlands | 0.9% |
See More Countries | 63.4% |
Main Suppliers (% of Imports) |
2022 |
Greece | 23.4% |
Italy | 10.5% |
China | 8.0% |
Israel | 7.4% |
Germany | 5.3% |
Netherlands | 4.1% |
Spain | 3.5% |
United Kingdom | 3.1% |
Singapore | 2.2% |
Belgium | 2.2% |
Russia | 1.8% |
South Korea | 1.7% |
France | 1.7% |
Türkiye | 1.6% |
Ireland | 1.5% |
Bulgaria | 1.4% |
Romania | 1.3% |
Japan | 1.0% |
United States | 0.9% |
India | 0.8% |
See More Countries | 45.4% |
Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: March 2024
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