Observatory of Economic Complexity

Flag Cyprus

Econ Complexity (2018): 0.57, Rank 44 of 137

Product Exports (2018): $5.09B, Rank 113 of 222

Exports Per Capita (2018): $4.28k, Rank 71 of 219

Product Imports (2018): $13.8B, Rank 88 of 221

Imports Per Capita (2018): $11.6k, Rank 62 of 219

Service Exports (2017): $8.8B, Rank 50 of 139

Service Imports (2017): $5.61B, Rank 62 of 139

GDP (2018): $25B, CURRENT US$
Rank 108 of 196

GDP growth (2008 - 2018): -10.4%, CURRENT US$
Rank 184 of 196

GDP PC (2018): $28,690, CURRENT US$
Rank 37 of 196

GDP PC GROWTH (2008 - 2018): -18.9%, CURRENT US$
Rank 181 of 196

About

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Overview: In 2018 Cyprus was the number 108 economy in the world in terms of GDP (current US$), the number 113 in total exports, the number 88 in total imports, the number 37 economy in terms of GDP per capita (current US$) and the number 44 most complex economy according to the Economic Complexity Index (ECI)

Exports: The top exports of Cyprus are Refined Petroleum ($984M), Recreational Boats ($757M), Packaged Medicaments ($400M), Other Sea Vessels ($280M), and Cheese ($274M), exporting mostly to Cayman Islands ($753M), Greece ($461M), Libya ($457M), Norway ($288M), and United Kingdom ($230M).

Imports: The top imports of Cyprus are Refined Petroleum ($2.24B), Passenger and Cargo Ships ($1.67B), Recreational Boats ($620M), Cars ($513M), and Special Purpose Ships ($375M), importing mostly from Greece ($2.01B), South Korea ($1.25B), Italy ($1.05B), Turkey ($989M), and Russia ($760M).

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

Product Trade

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Yearly Exports

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Value
Depth

Top Export (2018): Refined Petroleum, $984M

Top Destination (2018): Cayman Islands, $753M

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.

The most recent exports are led by Refined Petroleum ($984M), Recreational Boats ($757M), Packaged Medicaments ($400M), Other Sea Vessels ($280M), and Cheese ($274M). The most common destination for the exports of Cyprus are Cayman Islands ($753M), Greece ($461M), Libya ($457M), Norway ($288M), and United Kingdom ($230M).

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Yearly Imports

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Value
Depth

Top Import (2018): Refined Petroleum, $2.24B

Top Origin (2018): Greece, $2.01B

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.

The most recent imports of Cyprus are led by Refined Petroleum ($2.24B), Passenger and Cargo Ships ($1.67B), Recreational Boats ($620M), Cars ($513M), and Special Purpose Ships ($375M). The most common import partners for Cyprus are Greece ($2.01B), South Korea ($1.25B), Italy ($1.05B), Turkey ($989M), and Russia ($760M).

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Monthly Trade

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Market Growth

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Flow

Fastest Growing Export Markets (2017 - 2018)

Fastest Growing Import Markets (2017 - 2018)

Service Trade

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Service Trade

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Cyprus Exports Services (2017): $8.8B

Cyprus Imports Services (2017): $5.61B

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).

Forecasts

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Trade Forecasts

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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.

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Tariffs

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Tariffs by Product

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The top product import tariffs by their MFN Ad Valorem value for Cyprus are Sugar beet (178%) and Whey (173%).

Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.

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*The tariffs applied to imports for Cyprus are:
109: Caribbean Forum (CARIFORUM) - European Union Economic Partnership Agreements (EPA)
119: Customs Union between EU and Turkey
121: Economic Partnership Agreement (EPA) between the EU and the Southern African Development Community (SADC) EPA Group
122: EU preferential tariff for sugar producing countries
123: European Union Generalized System of Preference
124: European Union GSP for Least Developed Countries
136: Most Favoured Nation duty rate treatement
160: Preferential tariff for Albania
161: Preferential tariff for Algeria
162: Preferential tariff for Andorra
172: Preferential tariff for Bosnia and Herzegovina
177: Preferential tariff for Cameroon
181: Preferential tariff for Central American Common Market CACM (Spanish: Mercado Común Centroamericano MCCA) Central American Integration System SICA
182: Preferential tariff for Chile
189: Preferential tariff for Colombia
205: Preferential tariff for Ecuador
206: Preferential tariff for Egypt
209: Preferential tariff for EPA countries
218: Preferential tariff for European Union countries
222: Preferential tariff for Faroe Islands
223: Preferential tariff for Fiji
224: Preferential tariff for for occupied Palestinian territory
226: Preferential tariff for Georgia
227: Preferential tariff for Ghana
238: Preferential tariff for Iceland
239: Preferential tariff for India
244: Preferential tariff for Israel
247: Preferential tariff for Jordan
249: Preferential tariff for Korea, Republic of
255: Preferential tariff for Lebanon
258: Preferential tariff for Liechtenstein
262: Preferential tariff for Macedonia
270: Preferential tariff for Mexico
272: Preferential tariff for Montenegro
273: Preferential tariff for Morocco
281: Preferential tariff for Norway
283: Preferential tariff for Overseas Countries and Territories
284: Preferential tariff for Pakistan
287: Preferential tariff for Papua New Guinea
289: Preferential tariff for Peru
293: Preferential tariff for San Marino
295: Preferential tariff for Selected Eastern and Southern African countries(Madagascar, Mauritius, Seychelles and Zimbabwe)
299: Preferential tariff for Singapore
302: Preferential tariff for South Africa
306: Preferential tariff for Switzerland
308: Preferential tariff for Syria
318: Preferential tariff for the republic of Moldova
321: Preferential tariff for Tunisia
325: Preferential tariff for Ukraine
341: Preferential tariffs for countries benefiting from the special incentive arrangement for sustainable development and good governance

Economic Complexity

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Economic Complexity Ranking

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Scale

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.

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Most Specialized Products by RCA Index

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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.

Most Complex Products by PCI

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The highest complexity exports of Cyprus according to the product complexity index (PCI) are Metal pickling preps, solder, brazing flux, weld cores (1.73), Prepared unrecorded sound recording media (non-photo) (1.47), Heterocyclic compounds, nes (1.32), Sound recordings other than photographic equipment (1.17), and Heterocyclics, nitrogen hetero atom only, nucleic acid (1.09). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

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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.

Product Space

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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.

Diversification Frontier

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Depth

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.

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