Russia (RUS) and Cyprus (CYP) Trade | The Observatory of Economic Complexity

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Russia (RUS) and Cyprus (CYP) Trade

2022

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Exports $198MRnk 82 / 138

2022

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About

Russia-Cyprus Trade: In 2022, Russia exported $198M to Cyprus. The main products that Russia exported to Cyprus were Coal Tar Oil ($111M), Refined Petroleum ($34.5M), and Tug Boats ($23.5M). Over the past 5 years the exports of Russia to Cyprus have decreased at an annualized rate of 10.9%, from $352M in 2017 to $198M in 2022.

In 2020, Russia exported services to Cyprus worth $3.15B, with Transportation ($1.61B), Other business services ($542M), and Computer and information services ($420M) being the largest in terms of value.

Cyprus-Russia Trade: In 2022, Cyprus exported $43.8M to Russia. The main products that Cyprus exported to Russia were Planes, Helicopters, and/or Spacecraft ($35.1M), Tug Boats ($4.64M), and Packaged Medicaments ($1.64M). Over the past 5 years the exports of Cyprus to Russia have decreased at an annualized rate of 7.96%, from $66.3M in 2017 to $43.8M in 2022.

In 2020, Cyprus exported services to Russia worth $2.74B, with Financial services ($1.73B), Transportation ($447M), and Computer and information services ($404M) being the largest in terms of value.

Comparison In 2022, Russia ranked 47 in the Economic Complexity Index (ECI 0.43), and 12 in total exports ($486B). That same year, Cyprus ranked 125 in total exports ($4.91B), and does not have data regarding Economic Complexity Index.

Latest Trends

January, 2022

About

Overview In January 2022, Russia exported $5.57M and imported $489k from Cyprus, resulting in a positive trade balance of $5.08M. Between January 2021 and January 2022 the exports of Russia have decreased by $-12.6M (-69.3%) from $18.2M to $5.57M, while imports increased by $224k (84.9%) from $264k to $489k.

Trade In January 2022, the top exports of Russia to Cyprus were Tug Boats ($12.9M), Other Vegetable Residues ($1.04M), Starch Residue ($963k), Carbonates ($805k), and Corn ($624k). In January 2022 the top imports of Russia from Cyprus were Packaged Medicaments ($93.2k), Other toys ($90.1k), Other live plants, cuttings and slips; mushroom... ($34.3k), Perfume Plants ($30.6k), and Centrifuges ($11.8k).

Origins In January 2022 the exports of Russia were mainly from ROSTOV REGION ($2.02M), MOSCOW, THE CAPITAL OF RUSSIAN FEDERATION ($497k), MOSCOW REGION ($446k), REPUBLIC OF BASHKORTOSTAN ($421k), and LENINGRAD REGION ($329k), while imports destinations were mainly MOSCOW REGION ($451k), ST. PETERSBURG ($27.5k), MOSCOW, THE CAPITAL OF RUSSIAN FEDERATION ($9.07k), SMOLENSK REGION ($593), and UDMURTIAN REPUBLIC ($53.5).

Growth In January 2022, the decrease in Russia's year-by-year exports to Cyprus was explained primarily by an decrease in product exports in Coal Briquettes ($-2.5M or -99.5%), Raw Aluminium ($-987k or -64.4%), and Refined Petroleum ($-111k or -78.7%). In January 2022, the increase in Russia's year-by-year imports from Cyprus was explained primarily by an increase in product imports in Centrifuges ($4.47k or 61%) and Integrated Circuits ($137 or 7.84k%).

Latest Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Value

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

EXPORT GROWTH (January 2021 - January 2022)$-12.6M(-69.3%)

IMPORT GROWTH (January 2021 - January 2022)$224k(84.9%)

MAIN EXPORTER (January 2022)ROSTOV REGION$2.02M

This section shows exports and imports data at subnational level for Russia. Click any date in the line plot, any subnational region in the geomap or any product to explore the exports or imports behavior of Russia over time.

To check Cyprus and Russia trade dynamics, check the bilateral page.

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Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, Russia exported $198M to Cyprus. The main products exported from Russia to Cyprus were Coal Tar Oil ($111M), Refined Petroleum ($34.5M), and Tug Boats ($23.5M). During the last 5 years the exports of Russia to Cyprus have decreased at an annualized rate of 10.9%, from $352M in 2017 to $198M in 2022.

In 2017, Cyprus exported $43.8M to Russia. The main products exported from Cyprus to Russia were Planes, Helicopters, and/or Spacecraft ($35.1M), Tug Boats ($4.64M), and Packaged Medicaments ($1.64M). During the last 5 years the exports of Cyprus to Russia have decreased at an annualized rate of 7.96%, from $66.3M in 2022 to $43.8M in 2017.

Exports from Russia () to Cyprus () (2022)

Exports from Cyprus () to Russia () (2022)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Russia
Top DestinationChina$101B

Cyprus
Top DestinationHong Kong$482M

This map shows whether countries import more from Russia or Cyprus. Each country is colored based on the difference in imports they receive from Russia and Cyprus or the difference in the growth in imports.

In 2022, countries that imported more from Russia than Cyprus included China ($101B), India ($40.4B), and Germany ($27.7B).

In 2022, countries that imported more from Cyprus than Russia included Liberia ($255M), Marshall Islands ($173M), and Libya ($133M).

Difference in imports from Cyprus () and Russia () (2022)

Comparative Advantage Russia - Cyprus

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

This chart compares trade between Russia and Cyprus by product, considering products traded by both, Russia and Cyprus.

During 2022, Russia had a large net trade with Cyprus in the exports of Mineral Products ($156M), Transportation ($24M), and Vegetable Products ($5.26M).

During 2017, Cyprus had a large net trade with Russia in the exports of Transportation ($39.7M), Chemical Products ($1.71M), and Instruments ($1.15M).

Bilateral Service Trade

Cyp Year

Rus Year

In 2020, Cyprus exported services to Russia worth $2.74B, with Financial services ($1.73B), Transportation ($447M), and Computer and information services ($404M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Russia () to Cyprus () (2020)

Services Exports from Cyprus () to Russia () (2020)

Service Trade

Economic Complexity

Competitive Landscape

Year

This visualization shows the product space at the HS4 level with the flags of Russia and Cyprus. This means that a dot/product with the flag of Russia indicates it has a comparative advantage over Cyprus. Similarly, a dot/product with the flag of Cyprus indicates it has a comparative advantage over Russia.

Product Space of Russia () and Cyprus () (2022)

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