Cyprus
2020 Product Exports | Imports: $4.28B | $11.2B, 117 of 226 | 91 of 226
2020 Per Capita Product Exports | Imports: $3.55k | $9.26k, 66 of 219 | 56 of 219
2018 Service Exports | Imports : $10.9B | $6.7B, 49 of 125 | 62 of 125
Overview In 2020 Cyprus was the number 117 economy in the world in terms of total exports and the number 91 in total imports.
Exports The top exports of Cyprus are Passenger and Cargo Ships ($875M), Packaged Medicaments ($490M), Refined Petroleum ($462M), Cheese ($347M), and Copper Ore ($119M), exporting mostly to Greece ($377M), United Kingdom ($248M), Liberia ($233M), Netherlands ($227M), and Israel ($223M).
Imports The top imports of Cyprus are Refined Petroleum ($1.21B), Passenger and Cargo Ships ($1.01B), Recreational Boats ($847M), Cars ($406M), and Packaged Medicaments ($354M), importing mostly from Greece ($2B), China ($910M), Germany ($848M), Italy ($775M), and Turkey ($758M).
Location Cyprus borders Egypt, Greece, Israel, Lebanon, Syria, and Turkey by sea.
Latest Trends
#permalink to sectionLatest Trade
#permalink to sectionThe 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.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Latest Data
#permalink to sectionData is presented based on data availability. Only countries using the Harmonic System (HS) are selected. Every source is shown using their own latest twelve months of data.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Historical Data
#permalink to sectionYearly Trade
#permalink to sectionTop Export (2020): Passenger and Cargo Ships, $875M
Top Destination (2020): Greece, $2B
In 2020, Cyprus exported a total of $4.28B, making it the number 117 exporter in the world. During the last five reported years the exports of Cyprus have changed by -$814M from $5.09B in 2015 to $4.28B in 2020.
The most recent exports are led by Passenger and Cargo Ships ($875M), Packaged Medicaments ($490M), Refined Petroleum ($462M), Cheese ($347M), and Copper Ore ($119M). The most common destination for the exports of Cyprus are Greece ($377M), United Kingdom ($248M), Liberia ($233M), Netherlands ($227M), and Israel ($223M).
Market Growth
#permalink to sectionFastest Growing Export Markets (2019 - 2020)
- Liberia, $174M (+ 295%)
- Netherlands, $105M (+ 87%)
- France, $103M (+ 143%)
Fastest Growing Import Markets (2019 - 2020)
- British Virgin Islands, $411M (+ 3.69k%)
- China, $299M (+ 49%)
- Germany, $191M (+ 29.2%)
Service Trade
#permalink to sectionService Trade
#permalink to sectionCyprus Exports Services (2018): $10.9B
Cyprus Imports Services (2018): $6.7B
In 2018, Cyprus exported $10.9B worth of services. The top services exported by Cyprus in 2018 were Transportation ($5.12B), Personal travel ($4.56B), Other business services ($368M), Government services, n.i.e. ($296M), and Business travel ($248M).
The top services imported by Cyprus in 2018 were Transportation ($2.99B), Personal travel ($1.83B), Other business services ($1.03B), Business travel ($334M), and Insurance services ($264M).
Economic Complexity
#permalink to sectionMost Specialized Products by RCA Index
#permalink to sectionCyprus has a high level of specialization in Other Sea Vessels (77.8), Passenger and Cargo Ships (52.7), Tug Boats (50.7), Cheese (40.9), and Potatoes (37.6). 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
#permalink to sectionThe highest complexity exports of Cyprus according to the product complexity index (PCI) are Machining centres, unit construction machines (single station) and multi-station transfer machines for working metal (2.55), Tungsten (wolfram); articles thereof, including waste and scrap (1.46), Phenols; monophenols, polyphenols, and phenol-alcohols (1.44), Spectacles, goggles and the like; corrective, protective or other (1.41), and Reagents; diagnostic or laboratory reagents on a backing and prepared diagnostic or laboratory reagents whether or not on a backing, other than those of heading no. 3002 or 3006; certified reference material (1.31). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
Export Opportunities by Relatedness
#permalink to sectionThe top export opportunities for Cyprus according to the relatedness index, are Non-fillet Frozen Fish (0.17), Gold (0.16), Other Animals (0.16), Tropical Fruits (0.16), and Crude Petroleum (0.15). 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
#permalink to sectionThe 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.
Diversification Frontier
#permalink to sectionThe 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.
