Cyprus Top Trading Partners

Cyprus Top Trading Partners

Church in Nicosia, Cyprus

Cyprus shipped US$1.9 billion worth of products around the globe in 2016. That figure represents a tiny 0.01% of overall global exports estimated at $16.236 trillion one year earlier during 2015.

From a continental perspective, $823.6 million worth of goods or 51.1% of Cypriot exports by value were delivered to fellow European nations while 25% were sold to Asian importers.

Cyprus shipped another 15.8% worth of goods to clients in Africa.

At 3.7%, a smaller portion of Cypriot products were delivered in North America.

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 2016. Also shown is each import country’s percentage of total Cypriot exports.

  1. Greece: US$236.6 million (12.6% of total Cypriot exports)
  2. United Kingdom: $146 million (7.8%)
  3. Libya: $144.7 million (7.7%)
  4. Israel: $111.5 million (6%)
  5. United States: $52.7 million (2.8%)
  6. Slovakia: $44.9 million (2.4%)
  7. Czech Republic: $44.2 million (2.4%)
  8. China: $42.3 million (2.3%)
  9. Germany: $40.9 million (2.2%)
  10. Saudi Arabia: $38.7 million (2.1%)
  11. Switzerland: $34.9 million (1.9%)
  12. Egypt: $34.6 million (1.8%)
  13. Algeria: $32.5 million (1.7%)
  14. United Arab Emirates: $32.5 million (1.7%)
  15. Sweden: $28.2 million (1.5%)

Almost three-fifths (56.9%) of Cypriot exports in 2016 were delivered to the above 15 trade partners.

Slovakia increased its imports from Cyprus at the fastest rate, up 9,317% from 2009 to 2016. Algerian purchases of Cypriot exports improved 1,087% followed by Libya (up 582.5%) and Switzerland (up 570%).

Deficits

Cyprus incurred an overall -$4.6 billion trade deficit during 2016, down -29.7% from the -$6.6 billion deficit in 2009.

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$1.1 billion (country-specific trade deficit in 2016)
  2. Germany: -$1 billion
  3. Italy: -$415.7 million
  4. United Kingdom: -$271.5 million
  5. France: -$264.5 million
  6. Netherlands: -$223.1 million
  7. China: -$222.4 million
  8. Belgium: -$217 million
  9. Spain: -$215.5 million
  10. Israel: -$144 million

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

Cypriot deficits with Israel (down -72.3%), United Kingdom (down -55.5%), Italy (down -49.6%) and China (down -46.6%) shrank at the fastest pace from 2009 to 2016.

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. Ireland: $165 million
  2. Saudi Arabia: $62.2 million
  3. Lebanon: $56.4 million
  4. Egypt: $53.7 million
  5. Slovakia: $30.6 million
  6. Algeria: $27.2 million
  7. United Arab Emirates: $26.8 million
  8. Slovenia: $16.6 million
  9. Jordan: $14.9 million
  10. Australia: $13.3 million

Among Cyprus’ trading partners that cause the greatest positive trade balances, Cypriot surpluses with Algeria (up 1,328%), Australia (up 1,126%) and United Arab Emirates (up 917.5%) grew at the fastest pace from 2012 to 2016.

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 for 2015.

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 April 6, 2017

The World Factbook, Country Profiles, Central Intelligence Agency. Accessed on April 6, 2017

Trade Map, International Trade Centre. Accessed on April 6, 2017

Investopedia, Net Exports Definition. Accessed on April 6, 2017

Wikipedia, List of Companies of Cyprus. Accessed on April 6, 2017

Forbes 2015 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 6, 2017