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 193% of GDP (World Bank) and is mainly oriented towards the EU. In 2023, Cyprus primarily imported mineral fuels and oils (EUR 2.92 billion), vehicles, aircraft, vessels and associated transport equipment (EUR 2.07 billion), electrical machinery and materials (EUR 1.23 billion), products of the chemical or allied industries (EUR 1.04 billion) and other machinery, boilers, appliances, and their parts (EUR 580.9 million). The key products of domestic origin exported from Cyprus in 2023 included mineral fuels and oils (EUR 1.15 billion), pharmaceutical products (EUR 355.6 million), halloumi cheese (EUR 313.2 million), waste and scrap (paper, glass, metal - EUR 38.6 million), and potatoes (EUR 34.1 million – data CyStat).
In 2023, intra-EU imports comprised 55.6% of the total, while extra-EU imports accounted for 18.7%. The primary partner countries for imports in 2023 were Greece (21.9%), the UK (10.2%), Italy (7.7%), Cina (5.9%), and Germany (5.3%). For exports of domestic goods, the main partner countries were Libya (15.3%), Lebanon (9.5%), Bermuda (7.9%), Greece (6%), and the Marshall Islands (5.8% - data CyStat).
Cyprus' goods trade balance is traditionally in deficit because the country has to import extensively in order to satisfy domestic demand (particularly, for energy supplies): in 2023, the country exported USD 4.4 billion worth of goods, importing USD 13.9 billion (+2% and +14.6% y-o-y, respectively). However, Cyprus is a net service exporter (USD 23.9 billion in 2023 against USD 16.6 billion in imports). Therefore, the country’s trade balance for goods and services was estimated to be positive by 1.3% of GDP in 2023 by the World Bank. According to the provisional 2023 data from CyStat, Cyprus’ trade deficit fell by EUR 213 million in 2024 to EUR 8.25 billion. Key exports included mineral fuels (EUR 1.19 billion), pharmaceuticals (EUR 348 million), and halloumi cheese (EUR 323.9 million). Other exports were waste and scrap materials (EUR 87.6 million), fruit and vegetable juices (EUR 48.1 million), potatoes (EUR 47.4 million), telecom equipment (EUR 30.9 million), and fire extinguishers (EUR 31.2 million), with other goods totalling EUR 264.4 million.
Foreign Trade Values | 2019 | 2020 | 2021 | 2022 | 2023 |
Imports of Goods (million USD) | 9,127 | 8,761 | 10,397 | 12,205 | 13,987 |
Exports of Goods (million USD) | 3,453 | 3,063 | 3,905 | 4,363 | 4,453 |
Imports of Services (million USD) | 10,946 | 12,494 | 15,602 | 16,560 | 16,603 |
Exports of Services (million USD) | 16,399 | 17,004 | 21,957 | 22,919 | 23,957 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2019 | 2020 | 2021 | 2022 | 2023 |
Foreign Trade (in % of GDP) | 150.5 | 160.7 | 176.8 | 201.2 | 192.8 |
Trade Balance (million USD) | -5,180 | -4,842 | -5,216 | -6,297 | -7,690 |
Trade Balance (Including Service) (million USD) | 260 | -332 | 1,139 | 62 | -283 |
Imports of Goods and Services (Annual % Change) | 9.5 | 3.3 | 19.6 | 26.6 | 1.7 |
Exports of Goods and Services (Annual % Change) | 8.7 | 1.6 | 26.2 | 23.8 | 0.1 |
Imports of Goods and Services (in % of GDP) | 74.7 | 81.0 | 86.1 | 99.0 | 95.8 |
Exports of Goods and Services (in % of GDP) | 75.8 | 79.6 | 90.8 | 102.2 | 97.0 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2024 | 2025 (e) | 2026 (e) | 2027 (e) | 2028 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 3.2 | 2.7 | 2.3 | 2.7 | 2.7 |
Volume of imports of goods and services (Annual % change) | 1.8 | 2.4 | 2.4 | 2.7 | 2.7 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
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% |
Italy | 7.7% |
China | 5.9% |
Germany | 5.3% |
See More Countries | 48.8% |
Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import-Export Flows.
23.2 bn USD of services exported in 2023 | |
33.06% | |
20.42% | |
19.51% | |
15.41% | |
7.67% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 7.66% |
Research and developmentResearch and development | 0.01% |
2.48% | |
0.73% | |
0.67% | |
0.05% |
14.7 bn USD of services imported in 2023 | |
31.45% | |
21.89% | |
19.46% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 17.77% |
Research and developmentResearch and development | 1.69% |
12.30% | |
10.04% | |
2.23% | |
2.05% | |
0.59% |
Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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