Xifres de comerç exterior de Xipre

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 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.