Year over year, the overall value of Cypriot exports gained 14.9% compared to $4.4 billion starting from 2022.
Based on the average exchange rate for 2023, Cyprus uses the euro which retreated by -3.5% against the US dollar since 2019 but appreciated by 2.6% from 2022 to 2023. The weaker EU currency since 2019 made Cypriot exports paid for in stronger US dollars relatively less expensive for international buyers compared to 2022.
Applying a continental lens, 38.8% of Cyprus’ exports by value was delivered to Asian countries while 35.3% was sold to importers in fellow European countries. Cyprus shipped another 16.6% worth of products to buyers in Africa.
Lesser percentages went to importers in Oceania (5.2%) led by Marshall Islands and Australia, North America (3.2%), and Latin America (0.9%) excluding Mexico but including the Caribbean.
Best Cypriot Exports Customers
Below is a list showcasing 25 of Cyprus’ top trading partners. These are countries that imported the most Cypriot shipments by dollar value during 2023. Also shown is each import country’s percentage of total Cypriot exports.
- Libya: US$775.3 million (15.3% of Cyprus’ total exports)
- Lebanon: $481 million (9.5%)
- Bermuda: $403 million (8%)
- Greece: $304.8 million (6%)
- Marshall Islands: $293.6 million (5.8%)
- United Kingdom: $237.8 million (4.7%)
- Liberia: $224.5 million (4.4%)
- Hong Kong: $174.1 million (3.4%)
- Nigeria: $156.1 million (3.1%)
- United States: $147.8 million (2.9%)
- Israel: $82.3 million (1.6%)
- Germany: $72.7 million (1.4%)
- Spain: $63.6 million (1.3%)
- France: $62.7 million (1.2%)
- Norway: $58.7 million (1.2%)
- Netherlands: $52.9 million (1%)
- Italy: $47.3 million (0.9%)
- Romania: $46.5 million (0.9%)
- Sweden: $42.3 million (0.8%)
- South Korea: $41.6 million (0.8%)
- Denmark: $39 million (0.8%)
- Singapore: $38 million (0.8%)
- United Arab Emirates: $36.2 million (0.7%)
- Vietnam: $35.2 million (0.7%)
- Czech Republic: $34.3 million (0.7%)
By value, nearly four-fifths (78%) of Cypriot exports in 2023 were delivered to the above 25 trade partners.
From 2022 to 2023, the fastest-growing customers for exported goods from Cyprus were Bermuda (up 2,370,229%), Libya (up 482.8%), South Korea (up 404.7%), Spain (up 217.5%) then Nigeria (up 196.1%).
Recording the severest declines year over year were the United Arab Emirates (down -78.8% from 2022), Hong Kong (down -63.1%), Singapore (down -53.3%), Germany (down -31.2%) then Israel (down -24%).
Countries Generating Largest Trade Deficits for Cyprus
Cyprus incurred an overall -US$8.9 billion trade deficit during 2023, up by 19.5% from the -$7.48 billion in red ink one year earlier for 2022.
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit. It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
Cyprus incurred the highest trade deficits with the following countries.
- Greece: -US$2.8 billion (country-specific trade deficit in 2023)
- United Kingdom: -$1.2 billion
- Italy: -$1 billion
- China: -$803.1 million
- Germany: -$675.6 million
- Spain: -$636.2 million
- Israel: -$555.1 million
- Netherlands: -$439.7 million
- Japan: -$326.1 million
- Belgium: -$283.2 million
Among Cyprus’ trading partners that cause the greatest negative trade balances, Cypriot deficits with the United Kingdom (up 837.9%), Japan (up 170.4%) and Spain (up 63.1%) grew at the fastest pace from 2022 to 2023.
These cashflow deficiencies clearly indicate Cyprus’ competitive disadvantages with the above countries, but also represent key opportunities for Cyprus to develop country-specific strategies to strengthen its overall position in international trade.
Countries Generating Largest Trade Surpluses for Cyprus
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
Cyprus generated the highest trade surpluses with the following countries.
- Libya: US$762.4 million (country-specific trade surplus in 2023)
- Lebanon: $448.7 million
- Bermuda: $403 million
- Marshall Islands: $214.1 million
- Liberia: $205.9 million
- Nigeria: $154 million
- Hong Kong: $143.2 million
- Singapore: $19.5 million
- Belize: $10.7 million
- Iran: $9.2 million
Among Cyprus’ trading partners that generate the greatest positive trade balances, Cypriot surpluses with Libya (up 482.3%), Nigeria (up 198.6%) and Lebanon (up 51.1%) grew at the fastest pace from 2022 to 2023.
In addition, Cyprus went from incurring deficits trading with Singapore, Bermuda and Belize to post the trade surpluses listed above.
These positive cashflow streams clearly indicate Cyprus’ competitive advantages with the above countries, but also represent key opportunities for Cyprus to develop country-specific strategies to optimize its overall position in international trade.
Companies Servicing Cypriot Trading Partners
Not one corporation headquartered in Cyprus ranks among Forbes Global 2000.
Wikipedia lists companies from Cyprus that are players in international trade. Selected examples are shown below.
- ASBIS (computer hardware/software, mobile gadgets)
- Cyprus Wine Coverage-KEO (alcoholic beverages, juices, bottle water)
- Francoudi & Stephanou (trading conglomerate, shipping, alcohol)
- Leon Beer (brewery)
- Petrolina (oil, gas)
See also Cyprus Top 10 Exports, Lebanon’s Top 10 Exports, Greece’s Top 10 Exports, United Kingdom’s Top Trading Partners and Syria’s Top 10 Exports
Research Sources:
Central Intelligence Agency, The World Factbook Europe: Cyprus. Accessed on December 20, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on December 20, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on December 20, 2024
International Trade Centre, Trade Map. Accessed on December 20, 2024
Investopedia, Net Exports Definition. Accessed on December 20, 2024
Wikipedia, Cyprus. Accessed on December 20, 2024
Wikipedia, List of Companies of Cyprus. Accessed on December 20, 2024