Cyprus flag Cyprus: Economic and Political Overview

Foreign trade figures of Cyprus

Foreign Trade in Figures

The geographical location of Cyprus (being a bridge between West and East), along with its good airlines and telecommunications infrastructure, has enabled the country to turn itself into an important regional and international business centre. The country's foreign trade represents 193% of GDP (World Bank) and is mainly oriented towards the EU. In 2023, Cyprus primarily imported mineral fuels and oils (EUR 2.92 billion), vehicles, aircraft, vessels and associated transport equipment (EUR 2.07 billion), electrical machinery and materials (EUR 1.23 billion), products of the chemical or allied industries (EUR 1.04 billion) and other machinery, boilers, appliances, and their parts (EUR 580.9 million). The key products of domestic origin exported from Cyprus in 2023 included mineral fuels and oils (EUR 1.15 billion), pharmaceutical products (EUR 355.6 million), halloumi cheese (EUR 313.2 million), waste and scrap (paper, glass, metal - EUR 38.6 million), and potatoes (EUR 34.1 million – data CyStat).

In 2023, intra-EU imports comprised 55.6% of the total, while extra-EU imports accounted for 18.7%. The primary partner countries for imports in 2023 were Greece (21.9%), the UK (10.2%), Italy (7.7%), Cina (5.9%), and Germany (5.3%). For exports of domestic goods, the main partner countries were Libya (15.3%), Lebanon (9.5%), Bermuda (7.9%), Greece (6%), and the Marshall Islands (5.8% - data CyStat).

Cyprus' goods trade balance is traditionally in deficit because the country has to import extensively in order to satisfy domestic demand (particularly, for energy supplies): in 2023, the country exported USD 4.4 billion worth of goods, importing USD 13.9 billion (+2% and +14.6% y-o-y, respectively). However, Cyprus is a net service exporter (USD 23.9 billion in 2023 against USD 16.6 billion in imports). Therefore, the country’s trade balance for goods and services was estimated to be positive by 1.3% of GDP in 2023 by the World Bank. According to the provisional 2023 data from CyStat, Cyprus’ trade deficit fell by EUR 213 million in 2024 to EUR 8.25 billion. Key exports included mineral fuels (EUR 1.19 billion), pharmaceuticals (EUR 348 million), and halloumi cheese (EUR 323.9 million). Other exports were waste and scrap materials (EUR 87.6 million), fruit and vegetable juices (EUR 48.1 million), potatoes (EUR 47.4 million), telecom equipment (EUR 30.9 million), and fire extinguishers (EUR 31.2 million), with other goods totalling EUR 264.4 million.

 
Foreign Trade Values 20192020202120222023
Imports of Goods (million USD) 9,1278,76110,39712,20513,987
Exports of Goods (million USD) 3,4533,0633,9054,3634,453
Imports of Services (million USD) 10,94612,49415,60216,56016,603
Exports of Services (million USD) 16,39917,00421,95722,91923,957

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20192020202120222023
Foreign Trade (in % of GDP) 150.5160.7176.8201.2192.8
Trade Balance (million USD) -5,180-4,842-5,216-6,297-7,690
Trade Balance (Including Service) (million USD) 260-3321,13962-283
Imports of Goods and Services (Annual % Change) 9.53.319.626.61.7
Exports of Goods and Services (Annual % Change) 8.71.626.223.80.1
Imports of Goods and Services (in % of GDP) 74.781.086.199.095.8
Exports of Goods and Services (in % of GDP) 75.879.690.8102.297.0

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20242025 (e)2026 (e)2027 (e)2028 (e)
Volume of exports of goods and services (Annual % change) 3.22.72.32.72.7
Volume of imports of goods and services (Annual % change) 1.82.42.42.72.7

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Cyprus is a member of the European Union, the United Nations, the Council of Europe, the World Trade Organization, the World Bank, the Commonwealth and the International Monetary Fund. It is also well represented by diplomatic missions in foreign countries.
 

Main Partner Countries

Main Customers
(% of Exports)
2023
Libya 15.3%
Lebanon 9.5%
Bermuda 8.0%
Greece 6.0%
Marshall Islands 5.8%
See More Countries 55.4%
Main Suppliers
(% of Imports)
2023
Greece 21.9%
United Kingdom 10.3%
Italy 7.7%
China 5.9%
Germany 5.3%
See More Countries 48.8%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

5.1 bn USD of products exported in 2023
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 33.1%
Cruise ships, excursion boats, ferry-boats, cargo...Cruise ships, excursion boats, ferry-boats, cargo ships, barges and similar vessels for the transport of persons or goods 25.9%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 8.5%
Cheese and curdCheese and curd 6.8%
Mixtures of odoriferous substances and mixtures,...Mixtures of odoriferous substances and mixtures, incl. alcoholic solutions, based on one or more of these substances, of a kind used as raw materials in industry; other preparations based on odoriferous substances, of a kind used for the manufacture of beverages 2.4%
See More Products 23.3%
14.0 bn USD of products imported in 2023
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 20.4%
Cruise ships, excursion boats, ferry-boats, cargo...Cruise ships, excursion boats, ferry-boats, cargo ships, barges and similar vessels for the transport of persons or goods 10.6%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 6.0%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 3.0%
Yachts and other vessels for pleasure or sports;...Yachts and other vessels for pleasure or sports; rowing boats and canoes 2.1%
See More Products 58.0%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import-Export Flows.

 

Main Services

Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: May 2025