Overview: In 2018 Cyprus was the number 108 economy in the world in terms of GDP (current US$), the number 113 in total exports, the number 88 in total imports, and the number 44 most complex economy according to the Economic Complexity Index (ECI). In 2018, Cyprus exported $5.09B and imported $13.8B, resulting in a negative trade balance of -$8.71B. In 2018, Cyprus's exports per capita were $4.28k and its imports per capita were $11.6k.
In 2018 Cyprus exported a total of $5.09B, making it the number 113 exporter in the world. During the last five reported years the exports of Cyprus have changed by -$434M from $5.52B in 2013 to $5.09B in 2018.
In 2018 Cyprus imported $13.8B, making it the number 88 trade destination in the world. During the last five reported years the imports of Cyprus changed by $3.13B from $10.7B in 2013 to $13.8B in 2018.
In 2017, Cyprus exported $8.8B worth of services. The top services exported by Cyprus in 2017 were Travel ($3.14B), Transportation ($2.95B), Financial services ($2.3B), Miscellaneous business, professional, and technical services ($165M), and Insurance services ($129M).
The top services imported by Cyprus in 2017 were Transportation ($2.07B), Travel ($1.29B), Computer and information services ($1.16B), Financial services ($449M), and Miscellaneous business, professional, and technical services ($191M).
This section shows forecasts for total product exports and imports for Cyprus. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.
*The tariffs applied to imports for Cyprus are:109: Caribbean Forum (CARIFORUM) - European Union Economic Partnership Agreements (EPA)119: Customs Union between EU and Turkey121: Economic Partnership Agreement (EPA) between the EU and the Southern African Development Community (SADC) EPA Group122: EU preferential tariff for sugar producing countries123: European Union Generalized System of Preference124: European Union GSP for Least Developed Countries136: Most Favoured Nation duty rate treatement160: Preferential tariff for Albania161: Preferential tariff for Algeria162: Preferential tariff for Andorra172: Preferential tariff for Bosnia and Herzegovina177: Preferential tariff for Cameroon181: Preferential tariff for Central American Common Market CACM (Spanish: Mercado Común Centroamericano MCCA) Central American Integration System SICA182: Preferential tariff for Chile189: Preferential tariff for Colombia205: Preferential tariff for Ecuador206: Preferential tariff for Egypt209: Preferential tariff for EPA countries218: Preferential tariff for European Union countries222: Preferential tariff for Faroe Islands223: Preferential tariff for Fiji224: Preferential tariff for for occupied Palestinian territory226: Preferential tariff for Georgia227: Preferential tariff for Ghana238: Preferential tariff for Iceland239: Preferential tariff for India244: Preferential tariff for Israel247: Preferential tariff for Jordan249: Preferential tariff for Korea, Republic of255: Preferential tariff for Lebanon258: Preferential tariff for Liechtenstein262: Preferential tariff for Macedonia270: Preferential tariff for Mexico272: Preferential tariff for Montenegro273: Preferential tariff for Morocco281: Preferential tariff for Norway283: Preferential tariff for Overseas Countries and Territories284: Preferential tariff for Pakistan287: Preferential tariff for Papua New Guinea289: Preferential tariff for Peru293: Preferential tariff for San Marino295: Preferential tariff for Selected Eastern and Southern African countries(Madagascar, Mauritius, Seychelles and Zimbabwe)299: Preferential tariff for Singapore302: Preferential tariff for South Africa306: Preferential tariff for Switzerland308: Preferential tariff for Syria318: Preferential tariff for the republic of Moldova321: Preferential tariff for Tunisia325: Preferential tariff for Ukraine341: Preferential tariffs for countries benefiting from the special incentive arrangement for sustainable development and good governance
During the last 14 years Cyprus's economy has become relatively less complex, moving from the 34th to the 44th position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.
Cyprus has a high level of specialization in Recreational Boats (170), Other Sea Vessels (160), Fishing Ships (45.7), Potatoes (42.7), and Tug Boats (40.3). Specialization is measured using RCA, an index that takes the ratio between Cyprus observed and expected exports in each product.
The top export opportunities for Cyprus according to the relatedness index, are Gold (0.18), Non-fillet Frozen Fish (0.18), Crude Petroleum (0.17), Tropical Fruits (0.17), and Cocoa Beans (0.17). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Cyprus is not specialized in.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.
The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities.
Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions.
Cyprus
