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 47 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.

Historical Data

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Yearly Exports

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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).

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Yearly Imports

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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).

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Fastest Growing Export Markets (2018 - 2019)

Fastest Growing Import Markets (2018 - 2019)

Cyprus 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).

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.

*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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Most Specialized Products by RCA Index

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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.

Most Complex Products by PCI

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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.

Export Opportunities by Relatedness

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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.

Relatedness Space

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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.

Diversification Frontier

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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.

Economic Complexity Ranking

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During the last 15 years Cyprus's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨34th to the 47th⁩ 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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