Xipre: Visió econòmica i política
The geographical location of Cyprus (the country 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 141.5% of GDP (World Bank, 2020) and is mainly oriented towards the EU. In that same year, Cyprus main exports were cruise ships (23.4%), petroleum oils (14.9 %), medicaments (13.6%), cheese (9.8%), and vessels (4.4%); with imports being led by petroleum oils other than crude (11.5%), yachts (7.7%), cruise ships (6.5%), and motor cars (6%).
The main destinations for Cyprus’ exports in 2020 were Greece (8.4%), Liberia (7.4%), the United Kingdom (6.5%) and Libya (5.9%); while imports came chiefly from Greece (21.6%), the UK (8.4%), Italy (8.2%), Germany (6.6%), and China (5.9% - Comtrade).
Cyprus' trade balance is traditionally in deficit because the country has to import extensively in order to satisfy domestic demand (particularly, for energy supplies). The country’s trade balance was negative by 2.5% of GDP in 2020, according to data from the World Bank. ). In fact, although Cyprus is a net service exporter - with a total value of exports of USD 12.5 billion (mostly travel, shipping and banking) against USD 9.3 billion of imports – such surplus was offset by the trade in goods (USD 8.5 billion of imports against 3 billion of exports). According to the provisional data from CyStat, in the first eleven months of 2021 total goods imports amounted to EUR 7,7 billion (+11.8% vis-à-vis one year earlier), whereas exports totalled EUR 2.9 billion (marking an increase of 15.3%).
Foreign Trade Values | 2017 | 2018 | 2019 | 2020 | 2021 |
Imports of Goods (million USD) | 9,231 | 10,815 | 9,127 | 8,598 | 10,168 |
Exports of Goods (million USD) | 3,288 | 5,052 | 3,453 | 3,057 | 3,787 |
Imports of Services (million USD) | 6,748 | 8,868 | 9,474 | 9,361 | 12,839 |
Exports of Services (million USD) | 11,295 | 14,482 | 14,277 | 12,563 | 18,212 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
Foreign Trade (in % of GDP) | 148.0 | 148.5 | 152.0 | 164.2 | 170.3 |
Trade Balance (million USD) | -5,633 | -5,303 | -5,180 | -4,842 | -5,120 |
Trade Balance (Including Service) (million USD) | -93 | 366 | 260 | -332 | 803 |
Imports of Goods and Services (Annual % Change) | 14.3 | 4.3 | 9.5 | 3.2 | 9.0 |
Exports of Goods and Services (Annual % Change) | 11.0 | 7.2 | 8.7 | 2.2 | 13.6 |
Imports of Goods and Services (in % of GDP) | 74.2 | 73.6 | 75.5 | 82.8 | 83.7 |
Exports of Goods and Services (in % of GDP) | 73.8 | 75.0 | 76.5 | 81.4 | 86.6 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2022 | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 5.8 | 4.5 | 3.0 | 3.0 | 3.0 |
Volume of imports of goods and services (Annual % change) | 4.9 | 3.1 | 2.9 | 3.1 | 3.3 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2021 |
Lebanon | 8.7% |
Greece | 7.7% |
Marshall Islands | 7.6% |
United Kingdom | 6.5% |
Br. Virgin Isds | 6.1% |
See More Countries | 63.4% |
Main Suppliers (% of Imports) |
2021 |
Greece | 23.9% |
Italy | 10.2% |
Germany | 6.2% |
Netherlands | 5.1% |
China | 5.0% |
See More Countries | 49.6% |
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import Export Flows.
Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: January 2023