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Foreign Trade in Figures

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 20192020202120222023
Imports of Goods (million USD) 9,1278,76110,39712,20513,987
Exports of Goods (million USD) 3,4533,0633,9054,3634,453
Imports of Services (million USD) 10,94612,49415,60216,56016,603
Exports of Services (million USD) 16,39917,00421,95722,91923,957

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20182019202020212022
Foreign Trade (in % of GDP) 148.5152.0164.2170.3183.4
Trade Balance (million USD) -5,303-5,180-4,842-5,120-6,203
Trade Balance (Including Service) (million USD) 366260-332803-144
Imports of Goods and Services (Annual % Change) 4.39.53.29.018.8
Exports of Goods and Services (Annual % Change) 7.28.72.213.613.7
Imports of Goods and Services (in % of GDP) 73.675.582.883.791.9
Exports of Goods and Services (in % of GDP) 75.076.581.486.691.5

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20232024 (e)2025 (e)2026 (e)2027 (e)
Volume of exports of goods and services (Annual % change) -1.50.71.82.32.7
Volume of imports of goods and services (Annual % change) 5.1-2.92.02.42.7

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Cyprus is a member of the European Union, the United Nations, the Council of Europe, the World Trade Organization, the World Bank, the Commonwealth and the International Monetary Fund. It is also well represented by diplomatic missions in foreign countries.
 

Main Partner Countries

Main Customers
(% of Exports)
2023
Libya 15.3%
Lebanon 9.5%
Bermuda 8.0%
Greece 6.0%
Marshall Islands 5.8%
See More Countries 55.4%
Main Suppliers
(% of Imports)
2023
Greece 21.9%
United Kingdom 10.3%
China 5.9%
Germany 5.3%
Spain 5.0%
See More Countries 51.6%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

5.1 bn USD of products exported in 2023
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 33.1%
Cruise ships, excursion boats, ferry-boats, cargo...Cruise ships, excursion boats, ferry-boats, cargo ships, barges and similar vessels for the transport of persons or goods 25.9%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 8.5%
Cheese and curdCheese and curd 6.8%
Mixtures of odoriferous substances and mixtures,...Mixtures of odoriferous substances and mixtures, incl. alcoholic solutions, based on one or more of these substances, of a kind used as raw materials in industry; other preparations based on odoriferous substances, of a kind used for the manufacture of beverages 2.4%
See More Products 23.3%
14.0 bn USD of products imported in 2023
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 20.4%
Cruise ships, excursion boats, ferry-boats, cargo...Cruise ships, excursion boats, ferry-boats, cargo ships, barges and similar vessels for the transport of persons or goods 10.6%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 6.0%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 3.0%
Yachts and other vessels for pleasure or sports;...Yachts and other vessels for pleasure or sports; rowing boats and canoes 2.1%
See More Products 58.0%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

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Actualitzacions: April 2024

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