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2021
Economic Complexity
Technology -0.89Rank 73 of 96
2022
Economic Complexity
Research 0.32Rank 42 of 135
2022
Product
Exports | Imports $4.91B | $15.1B125 of 226 |  101 of 226
2022
Per Capita Product
Exports | Imports $3.92k | $12.1k74 of 220 |  45 of 220

About

Overview In 2022 Cyprus was the number 125 economy in the world in terms of total exports and the number 101 in total imports.

Exports The top exports of Cyprus are Passenger and Cargo Ships ($1.34B), Refined Petroleum ($512M), Packaged Medicaments ($452M), Cheese ($356M), and Scented Mixtures ($113M), exporting mostly to Hong Kong ($482M), Greece ($471M), Lebanon ($329M), United Kingdom ($276M), and Liberia ($255M).

Imports The top imports of Cyprus are Refined Petroleum ($2.93B), Passenger and Cargo Ships ($1.37B), Cars ($531M), Packaged Medicaments ($400M), and Coal Tar Oil ($312M), importing mostly from Greece ($2.92B), Turkey ($1.76B), Italy ($1.36B), China ($1.36B), and Israel ($827M).

Location Cyprus borders Egypt, Greece, Israel, Lebanon, Syria, and Turkey by sea.

Latest Trends

Latest Trade

Flow
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Y-AXIS SCALE

The following section uses the most recent trade data from partners of Cyprus.

Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.

* Trade values are converted to USD using each month's exchange rate. For December 2023 data, the exchange rate from December 30, 2023 is used.

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Latest Data

Flow
Color
Depth

The data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.

*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.

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Historical Data

Yearly Trade

Flow
Color
Depth
Top Export (2022)Passenger and Cargo Ships$1.34B
Top Destination (2022)Hong Kong$482M

In 2022, Cyprus exported a total of $4.91B, making it the number 125 exporter in the world. During the last five reported years the exports of Cyprus have changed by $389M from $4.52B in 2017 to $4.91B in 2022.

The most recent exports are led by Passenger and Cargo Ships ($1.34B), Refined Petroleum ($512M), Packaged Medicaments ($452M), Cheese ($356M), and Scented Mixtures ($113M). The most common destination for the exports of Cyprus are Hong Kong ($482M), Greece ($471M), Lebanon ($329M), United Kingdom ($276M), and Liberia ($255M).

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Exports (2022)
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Destinations (2022)
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Market Growth

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Growth
Fastest Growing Export Markets (2021 - 2022)
Hong Kong$418M (+ 650%)
United Arab Emirates$151M (+ 524%)
Seychelles$70M (+ 8.5k%)
Fastest Growing Import Markets (2021 - 2022)
Turkey$582M (+ 49.4%)
China$430M (+ 46.3%)
Israel$357M (+ 76.1%)

Total Export Growth by Market (2021 - 2022)

Potential Exports

Potential Exports

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Service Trade

Service Trade

Cyprus Exports Services (2020)$11.1B
Cyprus Imports Services (2020)$5.52B

In 2020, Cyprus exported $11.1B worth of services. The top services exported by Cyprus in 2020 were Financial services ($5.66B), Sea transport ($3.32B), Miscellaneous business, professional, and technical services ($875M), Personal travel ($617M), and Merchanting and other trade-related services ($89.1M).

The top services imported by Cyprus in 2020 were Sea transport ($1.68B), Financial services ($1.32B), Miscellaneous business, professional, and technical services ($1.02B), Personal travel ($621M), and Telecommunications services ($215M).

Service Exports (2020)

Service Imports (2020)

Economic Complexity

Overview

Economic Complexity (Technology)-0.89Rank 73 of 96
Economic Complexity (Research)0.32Rank 42 of 135

Most Specialized Products by RCA Index

Cyprus has a high level of specialization in Passenger and Cargo Ships (89.9), Tug Boats (48.3), Cheese (43.3), Potatoes (39.9), and Gypsum (36.1). Specialization is measured using RCA, an index that takes the ratio between Cyprus observed and expected exports in each product.

Most Complex Products by PCI

The highest complexity exports of Cyprus according to the product complexity index (PCI) are Machine-tools; (including presses) for working metal by forging, hammering or die-stamping, for... (1.51), Phenols; monophenols, polyphenols, and phenol-alcohols (1.48), Heterocyclic compounds with oxygen hetero-atom(s) only (1.05), Electrical resistors (including rheostats and potentiometers), excluding heating resistors (1.05), and Artificial filament tow (1.02). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

The top export opportunities for Cyprus according to the relatedness index, were Gold (0.17), Non-fillet Frozen Fish (0.17), Tropical Fruits (0.17), Scrap Lead (0.16), and Documents of title (bonds etc) and unused stamps (0.16). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Cyprus is not specialized in.

Product Space

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 a country currently specializes in.

Relatedness Space

This network shows the products most related to the production structure of Cyprus. These are products that tend to be co-exported with the products that Cyprus exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Relatedness Space (2022)

Diversification Frontier

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Depth

The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is 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 greenhouse emissions.

Diversification Frontier

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