Cyprus Top Trading Partners

Cyprus Top Trading Partners

Church in Nicosia, Cyprus

Cyprus shipped US$3.2 billion worth of products around the globe in 2017. That figure represents a tiny 0.02% of overall global exports estimated at $15.952 trillion one year earlier during 2016.

From a continental perspective, roughly half of Cypriot exports by value were delivered to fellow European nations while approximately one quarter were sold to Asian importers.

Cyprus Top Trading Partners

Top 15

Below is a list showcasing 15 of Cyprus’ top trading partners. These are countries that imported the most Cypriot shipments by dollar value during 2017. Also shown is each import country’s percentage of total Cypriot exports.

  1. Libya: US$301.4 million (9.4% of total Cypriot exports)
  2. Greece: $248.5 million (7.7%)
  3. Norway: $216.8 million (6.7%)
  4. United Kingdom: $170.1 million (5.3%)
  5. Marshall Islands: $152.1 million (4.7%)
  6. Germany: $132 million (4.1%)
  7. Singapore: $111.6 million (3.5%)
  8. Netherlands: $87.1 million (2.7%)
  9. Belgium: $72.8 million (2.3%)
  10. Israel: $71.3 million (2.2%)
  11. China: $70.5 million (2.2%)
  12. Egypt: $67.4 million (2.1%)
  13. Belize: $62.3 million (1.9%)
  14. Russia: $61.6 million (1.9%)
  15. Italy: $55.8 million (1.7%)

Almost three-fifths (58.4%) of Cypriot exports in 2017 were delivered to the above 15 trade partners.

Slovakia increased its imports from Cyprus at the fastest rate, up 15,208,900% from 2016 to 2017. Belizean purchases of Cypriot exports improved 52,239% followed by Norway (up 10,870%) and Singapore (up 797%).

Deficits

Cyprus incurred an overall -$5.8 billion trade deficit during 2017, up 24.1% from the -$4.7 billion in red ink for 2016.

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:

  1. Greece: -US$1.5 billion (country-specific trade deficit in 2017)
  2. South Korea: -$649.4 million
  3. Italy: -$622.7 million
  4. China: -$593.4 million
  5. Germany: -$499.7 million
  6. Netherlands: -$374.5 million
  7. France: -$322.9 million
  8. Israel: -$294.8 million
  9. United Kingdom: -$281.4 million
  10. Spain: -$230.6 million

Only one from the above trading partners expanded Cyprus’ trade deficit from 2009 to 2016, namely Germany (up 83%).

Cypriot deficits with South Korea (up 3,573%), China (up 163.4%), Israel (up 105.8%) and Netherlands (up 67.8%) rose at the fastest pace from 2016 to 2017.

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.

Surpluses

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:

  1. Libya: US$295.4 million (country-specific trade surplus in 2017)
  2. Norway: $111.3 million
  3. Marshall Islands: $89.5 million
  4. Singapore: $85.1 million
  5. Belize: $61.4 million
  6. Slovakia: $23.8 million
  7. Cayman Islands: $23.6 million
  8. Lebanon: $23 million
  9. Australia: $19.8 million
  10. Liberia: $15.4 million

Cyprus reversed a -$7.3 million deficit trading with Norway in 2016 posting a $111.3 million surplus during 2017. Among other Cypriot trading partners that cause the greatest positive trade balances, Cypriot surpluses with Belize (up 51,496%), Cayman Islands (up 26,382%) and Liberia (up 13,558%) grew at the fastest pace from 2016 to 2017.

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

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 and Top EU Export Countries

Research Sources:
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on March 29, 2018

The World Factbook, Country Profiles, Central Intelligence Agency. Accessed on March 29, 2018

Trade Map, International Trade Centre. Accessed on March 29, 2018

Investopedia, Net Exports Definition. Accessed on March 29, 2018

Wikipedia, List of Companies of Cyprus. Accessed on March 29, 2018

Forbes 2015 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 29, 2018