Located in the East Mediterranean Sea south of Syria, Turkey and Lebanon, exports from the third-largest and third-most populous Mediterranean island country the Republic of Cyprus totaled US$5.1 billion in 2023.

That dollar amount results from a 43.9% expansion from $3.52 billion five years earlier in 2019.

Year over year, the overall value of Cypriot exports accelerated by 14.9% compared to $4.4 billion starting from 2022.

Based on the average exchange rate for 2023, Cyprus uses the euro which depreciated by -3.5% against the US dollar since 2019 but rose 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.

The top 5 most valuable exported products from Cyprus are processed petroleum oils, cruise or cargo ships, medication mixes in dosage, cheese and curd, then scents used for beverages or industrial manufacturing. Combined, that quintet of major Cypriot products generated over three-quarters (76.7%) of Cyprus’ overall revenues from its exports.

Most Valuable Cypriot Trade Partners

The latest available country-specific data shows that 66.2% of products exported from Cyprus was bought by importers in: Libya (15.3% of the Cypriot total), Lebanon (9.5%), Bermuda (8%), Greece (6%), Marshall Islands (5.8%), United Kingdom (4.7%), Liberia (4.4%), Hong Kong (3.4%), Nigeria (3.1%), United States of America (2.9%), Israel (1.6%) and Germany (1.4%).

From a continental perspective, 38.8% of Cyprus’ exports by value was delivered to Asia countries while 35.3% was sold to importers in fellow European countries. Cyprus shipped another 16.6% worth of goods to buyers in Africa.

Smaller percentages went to importers in Oceania (5.2%) led by Marshall Islands and Australia, North America (3.2%), then Latin America (0.9%) excluding Mexico but including the Caribbean.

Given the Cypriot population of 457,000 people, its total $5.1 billion in 2023 exports translates to roughly $11,100 for every resident in the island country.

Top 10 Exports from Cyprus

The following export product groups represent the highest dollar value in Cypriot global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Cyprus.

1. Mineral fuels including oil: US$1.7 billion (33.2% of total exports)
2. Ships, boats: $1.5 billion (28.8%)
3. Pharmaceuticals: $436.4 million (8.6%)
4. Dairy, eggs, honey: $348.9 million (6.9%)
5. Perfumes, cosmetics: $148.9 million (2.9%)
6. Electrical machinery, equipment: $94.8 million (1.9%)
7. Machinery including computers: $83.2 million (1.6%)
8. Vegetable/fruit/nut preparations: $50.4 million (1%)
9. Vegetables: $48 million (0.9%)
10. Tobacco, manufactured substitutes: $44.4 million (0.9%)

Cyprus’ top 10 exports accounted for 86.7% of the overall value of the country’s global shipments.

Mineral fuels including oil was the fastest grower among the top 10 export categories, up by 59.3% from 2022 to 2023.

In second place for improving export sales was vegetable, fruit or nut preparations via a 31.5% advance.

Cyprus’ shipments of tobacco including manufactured substitutes posted the third-fastest gain in value, up by 24.5%.

The leading decliner among Cyprus’ top 10 export categories was electrical machinery and equipment, thanks to a -49.4% year-over-year drop.

At the more granular four-digit Harmonized Tariff System code level, the most valuable exported products from Cyprus include processed petroleum oils (33.1% of the country’s total) trailed by the highly capital-intensive category cruise or cargo ships and barges (25.9%), medication mixes in dosage (8.5%), cheese and curd (6.8%), scents used for beverage or industrial manufacturing (2.4%), warships and lifeboats (1.6%), fruit or vegetable juices (0.9%), phone devices including smartphones (0.9%), potatoes (0.9%), then cigarettes and cigars (0.8%).

Products Generating Largest Trade Surpluses for Cyprus

The following types of Cypriot product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.

In a nutshell, net exports reflect the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.

1. Dairy, eggs, honey: US$210.5 million (Up by 10.8% since 2022)
2. Salt, sulphur, stone, cement: $11.6 million (Up by 58.6%)
3. Raw hides, skins not furskins, leather: $6.2 million (Up by 22.1%)
4. Woodpulp: $4.3 million (Down by -42.7%)
5. Nickel: $3 million (Down by -29.3%)
6. Live animals: $2 million (Down by -14.2%)
7. Miscellaneous animal-origin products: $1.2 million (Down by -56.4%)
8. Copper: $402,000 (Reversing a -$1.5 million deficit)
9. Gums, resins, other vegetable saps: $256,000 (Reversing a -$736,000 deficit)
10. Wool: $15,000 (Down by -42.3%)

Cyprus has highly positive net exports in the international trade under the dairy, eggs and honey category. In turn, these cashflows indicate Cyprus’ strong competitive advantages under that agricultural products category.

Products Causing Worst Trade Deficits for Cyprus

Cyprus incurred an overall -US$8.9 billion trade deficit during 2023, expanding by 19.5% from the -$7.4 billion in red ink one year earlier in $7.5 billion.

Below are exports from Cyprus that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country goods trail Cypriot importer spending on foreign products.

1. Mineral fuels including oil: -US$1.5 billion (Down by -14.7% since 2022)
2. Vehicles: -$1.1 billion (Up by 72.9%)
3. Machinery including computers: -$702.5 million (Up by 35.4%)
4. Electrical machinery, equipment: -$604.6 million (Up by 26.8%)
5. Ships, boats: -$442.2 million (Reversing a $41.5 million surplus)
6. Plastics, plastic articles: -$262.1 million (Down by -3.6%)
7. Iron, steel: -$222 million (Up by 10.1%)
8. Beverages, spirits, vinegar: -$210.3 million (Up by 14.6%)
9. Furniture, bedding, lighting, signs, prefabricated buildings: -$203.8 million (Up by 1.3%)
10. Clothing, accessories (not knit or crochet): -$189.1 million (Up by 21.1%)

Cyprus has negative net exports and therefore deep international trade deficits, notably for refined petroleum oils, high temperature distilled coal tar products, petroleum gases, petroleum coke, and coal under the mineral fuels including oil category.

Cypriot Export Companies

Not one Cypriot corporation ranks among Forbes Global 2000.

Wikipedia lists exporters from Cyprus. 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)

 
In macroeconomic terms, Cyprus’ total exported goods represent 9.8% of its overall Gross Domestic Product for 2023 ($51.4 billion valued in Purchasing Power Parity US dollars). That 9.8% for exports to overall GDP in PPP for 2023 compares to 9.4% for 2022. This suggests a relatively increasing reliance on products sold on international markets for Cyprus’ total economic performance albeit based on a short timeframe.

Another key indicator of a country’s economic performance is its unemployment rate. Cyprus’ unemployment rate averaged 6.135% for 2023, down from an average 6.775% jobless rate in 2022 according to International Monetary Fund statistics.

Nicosia is the capital city of Cyprus.

See also Cyprus Top Trading Partners, 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 October 6, 2024

Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on October 6, 2024

International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on October 6, 2024

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on October 6, 2024

International Trade Centre, Trade Map. Accessed on October 6, 2024

Investopedia, Net Exports Definition. Accessed on October 6, 2024

Wikipedia, Cyprus. Accessed on October 6, 2024

Wikipedia, Gross domestic product. Accessed on October 6, 2024

Wikipedia, List of Companies of Cyprus. Accessed on October 6, 2024

Wikipedia, Purchasing power parity. Accessed on October 6, 2024