Cyprus
2021 Product Exports | Imports: $5.16B | $14.8B, 118 of 226 | 93 of 226
2021 Per Capita Product Exports | Imports: $4.25k | $12.2k, 73 of 219 | 58 of 219
2020 Service Exports | Imports : $11.1B | $5.52B, 27 of 65 | 34 of 65
Overview In 2021 Cyprus was the number 118 economy in the world in terms of total exports and the number 93 in total imports.
Exports The top exports of Cyprus are Passenger and Cargo Ships ($928M), Refined Petroleum ($532M), Packaged Medicaments ($484M), Cheese ($349M), and Recreational Boats ($294M), exporting mostly to Greece ($744M), Lebanon ($349M), Marshall Islands ($297M), United Kingdom ($271M), and Israel ($249M).
Imports The top imports of Cyprus are Refined Petroleum ($2.74B), Passenger and Cargo Ships ($1.05B), Packaged Medicaments ($434M), Cars ($434M), and Planes, Helicopters, and/or Spacecraft ($332M), importing mostly from Greece ($4.47B), Turkey ($1.18B), Italy ($1.12B), China ($934M), and Germany ($748M).
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 sectionThe 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.
Historical Data
#permalink to sectionYearly Trade
#permalink to sectionTop Export (2021): Passenger and Cargo Ships, $928M
Top Destination (2021): Greece, $744M
In 2021, Cyprus exported a total of $5.16B, making it the number 118 exporter in the world. During the last five reported years the exports of Cyprus have changed by $1.05B from $4.11B in 2016 to $5.16B in 2021.
The most recent exports are led by Passenger and Cargo Ships ($928M), Refined Petroleum ($532M), Packaged Medicaments ($484M), Cheese ($349M), and Recreational Boats ($294M). The most common destination for the exports of Cyprus are Greece ($744M), Lebanon ($349M), Marshall Islands ($297M), United Kingdom ($271M), and Israel ($249M).
Market Growth
#permalink to sectionService Trade
#permalink to sectionService Trade
#permalink to sectionCyprus 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).
Economic Complexity
#permalink to sectionMost Specialized Products by RCA Index
#permalink to sectionCyprus has a high level of specialization in Potatoes (53.8), Passenger and Cargo Ships (51.2), Recreational Boats (49.4), Fishing Ships (42.1), and Cheese (36.9). 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 Other Esters (1.92), Phenols (1.62), Laboratory Reagents (1.49), Oxygen Heterocyclic Compounds (1.3), and Nitrogen Heterocyclic Compounds (1.19). 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, were Gold (0.19), Collector's Items (0.18), Non-fillet Frozen Fish (0.18), Tropical Fruits (0.17), and Glass Scraps (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
#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.
