Cyprus flag Cyprus: Economic and Political Overview

Foreign trade figures of Cyprus

Foreign Trade in Figures

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 20172018201920202021
Imports of Goods (million USD) 9,23110,8159,1278,59810,168
Exports of Goods (million USD) 3,2885,0523,4533,0573,787
Imports of Services (million USD) 6,7488,8689,4749,36112,839
Exports of Services (million USD) 11,29514,48214,27712,56318,212

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

Foreign Trade Indicators 20162017201820192020
Foreign Trade (in % of GDP) 139.4147.4148.9144.8141.5
Trade Balance (million USD) -4,613-5,633-5,303-5,184-4,797
Trade Balance (Including Service) (million USD) 369-68425-274-1,484
Imports of Goods and Services (Annual % Change) 10.012.94.52.0-4.2
Exports of Goods and Services (Annual % Change) 7.29.98.0-0.4-12.4
Imports of Goods and Services (in % of GDP) 68.873.973.772.973.9
Exports of Goods and Services (in % of GDP) 70.573.575.271.967.7

Source: World Bank ; Latest available data

Foreign Trade Forecasts 2022 (e)2023 (e)2024 (e)2025 (e)2026 (e)
Volume of exports of goods and services (Annual % change) 5.84.53.03.03.0
Volume of imports of goods and services (Annual % change) 4.93.12.93.13.3

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)
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%.

 
 

Main Products

3.9 bn USD of products exported in 2021
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 22.6%
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 18.0%
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) 10.5%
Cheese and curdCheese and curd 8.1%
Yachts and other vessels for pleasure or sports;...Yachts and other vessels for pleasure or sports; rowing boats and canoes 7.0%
See More Products 33.8%
10.1 bn USD of products imported in 2021
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 14.7%
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 7.0%
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) 4.4%
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) 3.4%
Oils and other products of the distillation of...Oils and other products of the distillation of high temperature coal tar; similar products in which the weight of the aromatic constituents exceeds that of the non-aromatic constituents 3.0%
See More Products 67.5%

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.

 

Main Services

15.8 bn USD of services exported in 2019
26.69%
24.44%
20.70%
17.67%
4.75%
2.70%
1.12%
0.81%
0.58%
0.48%
0.07%
8.5 bn USD of services imported in 2019
29.41%
23.24%
19.17%
12.27%
7.49%
2.93%
2.20%
2.06%
1.15%
0.08%

Source: United Nations Statistics Division, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: December 2022