Cyprus2019 Economic Complexity: 0.57, Rank 48 of 157
2019 Product Exports | Imports: $4.39B | $12.3B, 120 of 225 | 90 of 225
2019 Per Capita Product Exports | Imports: $3.66k | $10.3k, 72 of 219 | 57 of 219
2017 Service Exports | Imports : $8.8B | $5.61B, 50 of 139 | 62 of 139
Overview: In 2019 Cyprus was the number 104 economy in the world in terms of GDP (current US$), the number 120 in total exports, the number 90 in total imports, the number 37 economy in terms of GDP per capita (current US$) and the number 48 most complex economy according to the Economic Complexity Index (ECI).
Exports: The top exports of Cyprus are Passenger and Cargo Ships ($680M), Refined Petroleum ($557M), Packaged Medicaments ($425M), Special Purpose Ships ($373M), and Cheese ($292M), exporting mostly to India ($404M), Greece ($382M), Libya ($353M), United Kingdom ($320M), and Italy ($170M).
Imports: The top imports of Cyprus are Refined Petroleum ($1.99B), Passenger and Cargo Ships ($1.08B), Cars ($498M), Coal Tar Oil ($429M), and Special Purpose Ships ($349M), importing mostly from Greece ($1.96B), Italy ($1.23B), Turkey ($1.01B), Russia ($662M), and Germany ($662M).
Location: Cyprus borders Egypt, Greece, Israel, Lebanon, Syria, and Turkey by sea.
Top Export (2019): Passenger and Cargo Ships, $680M
Top Destination (2019): India, $404M
In 2019, Cyprus exported a total of $4.39B, making it the number 120 exporter in the world. During the last five reported years the exports of Cyprus have changed by -$836M from $5.23B in 2014 to $4.39B in 2019.
The most recent exports are led by Passenger and Cargo Ships ($680M), Refined Petroleum ($557M), Packaged Medicaments ($425M), Special Purpose Ships ($373M), and Cheese ($292M). The most common destination for the exports of Cyprus are India ($404M), Greece ($382M), Libya ($353M), United Kingdom ($320M), and Italy ($170M).
Top Import (2019): Refined Petroleum, $1.99B
Top Origin (2019): Greece, $1.96B
In 2019 Cyprus imported $12.3B, making it the number 90 trade destination in the world. During the last five reported years the imports of Cyprus changed by $1.45B from $10.9B in 2014 to $12.3B in 2019.
The most recent imports of Cyprus are led by Refined Petroleum ($1.99B), Passenger and Cargo Ships ($1.08B), Cars ($498M), Coal Tar Oil ($429M), and Special Purpose Ships ($349M). The most common import partners for Cyprus are Greece ($1.96B), Italy ($1.23B), Turkey ($1.01B), Russia ($662M), and Germany ($662M).
Fastest Growing Export Markets (2018 - 2019)
Fastest Growing Import Markets (2018 - 2019)
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).
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.
*The tariffs applied to imports for Cyprus are:
During the last 15 years Cyprus's economy has become relatively less complex, moving from the 36th to the 48th 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 Tug Boats (106), Railway Passenger Cars (94.1), Special Purpose Ships (47.9), Potatoes (44.1), and Passenger and Cargo Ships (40.2). Specialization is measured using RCA, an index that takes the ratio between Cyprus observed and expected exports in each product.
The highest complexity exports of Cyprus according to the product complexity index (PCI) are Tungsten (wolfram) and articles, waste or scrap (1.36), Molybdenum and articles thereof, waste or scrap (1.34), Heterocyclic compounds, nes (1.27), Orthopaedic appliances (1.24), and Sulphonamides (1.22). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Cyprus according to the relatedness index, are Gold (0.19), Non-fillet Frozen Fish (0.18), Crude Petroleum (0.17), Tropical Fruits (0.17), and Postage Stamps (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.
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