Top 10 Exports from Cyprus

Cyprus Top 10 Exports

by Flagpictures.org

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 amounted to US$3.2 billion during 2017.

That dollar amount reflects a robust 50.9% gain since 2013 and a 67.7% increase from 2016 to 2017.

Based on estimates from the Central Intelligence Agency’s World Factbook, exported goods plus services from Cyprus represent 63.5% of total Cypriot economic output or Gross Domestic Product. Please note that the overall value of exported goods and services includes a sizable share of re-exports. The analysis below focuses on exported products only.

From a continental perspective, about half of exported goods from Cyprus were sent to fellow European countries.

Given the Cypriot population of 1.22 million people, its total $3.2 billion in 2017 exports translates to roughly $2,600 for every resident in that country.

The unemployment rate in Cyprus was 9.8% as of January 2018 down from 12.9% in February 2017, according to Trading Economics.

Top 10 Exports from Cyprus

Top 10

The following export product groups represent the highest dollar value in Cypriot global shipments during 2017. Also shown is the percentage share each export category represents in terms of overall exports from Cyprus.

At the more granular four-digit Harmonized Tariff System code level, the most valuable exported products from Cyprus are refined petroleum oils trailed by cruise or cargo ships and barges, warships, therapeutic or prophylactic drugs and medicines, cheese and curd then mobile phones.

  1. Ships, boats: US$869.1 million (27% of total exports)
  2. Mineral fuels including oil: $722.2 million (22.4%)
  3. Pharmaceuticals: $307.3 million (9.5%)
  4. Dairy, eggs, honey: $185.4 million (5.8%)
  5. Electrical machinery, equipment: $183.8 million (5.7%)
  6. Machinery including computers: $142.3 million (4.4%)
  7. Aircraft, spacecraft: $94.8 million (2.9%)
  8. Gems, precious metals: $65.3 million (2%)
  9. Vegetables: $55.5 million (1.7%)
  10. Organic chemicals: $52.2 million (1.6%)

The top 10 exports from Cyprus accounted for about four-fifths (83.2%) of the overall value of its global shipments.

Capital-intensive category ships and boats was the fastest-growing among the top 10 export categories up 43,441% from 2016 to 2017.

In second place for improving export sales was aircraft and spacecraft which was up 2,189%.

The gems and precious metals category posted the third-fastest gain in value up 115.5% predominantly via improved international sales for exported jewelry and gold.

Organic chemicals led the decliners thanks to a -12.5% slowdown year over year.

Advantages

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$91.3 million (Up by 27.6% since 2016)
  2. Pharmaceuticals: $74.4 million (Up by 22.6%)
  3. Gems, precious metals: $34 million (Reversing -$5 million in red ink)
  4. Vegetables: $22.4 million (Down by -9.1%)
  5. Salt, sulphur, stone, cement: $17.2 million (Down by -75.1%)
  6. Copper: $7.9 million (Up by 11.6%)
  7. Woodpulp: $6.3 million (Up by 34%)
  8. Raw hides, skins not furskins, leather: $4 million (Up by 27.6%)
  9. Live animals: $768,000 (Down by -77.8%)
  10. Miscellaneous animal-origin products: $478,000 (Reversing -$286,000 in red ink)

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

Opportunities

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

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. Ships, boats: -US$1.1 billion (Up by 71.4% since 2016)
  2. Mineral fuels including oil: -$926.9 million (Up by 32.4%)
  3. Vehicles: -$516.6 million (Up by 14.3%)
  4. Machinery including computers: -$314 million (Up by 8.3%)
  5. Electrical machinery, equipment: -$192.5 million (Up by 40.3%)
  6. Plastics, plastic articles: -$161.6 million (Up by 13.4%)
  7. Beverages, spirits, vinegar: -$145.2 million (Up by 14.9%)
  8. Articles of iron or steel: -$136.4 million (Up by 155.7%)
  9. Clothing, accessories (not knit or crochet): -$131.4 million (Up by 1.9%)
  10. Cereals: -$118.6 million (Up by 16.2%)

In 2017, Cyprus has highly negative net exports and therefore deep international trade deficits for the costs-intensive category ships and boats.

Companies

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)


 
Nicosia is the capital city of Cyprus.

Please note that the results listed above are at the 2-digit Harmonized Tariff System code level.

See also Cyprus Top Trading Partners, Top EU Export Countries and Top EU Import 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, Cyprus. 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