Top 10 Exports from Cyprus

Cyprus Top 10 Exports

by Flagpictures.org

Located in the East Mediterranean Sea near Syria and Turkey, exports from the island country Cyprus amounted to US$1.9 billion during 2016, up by 38.5% since 2009 when the Great Recession kicked in but down by -3.1% from 2015 to 2016.

The top 10 exports from Cyprus accounted for about four-fifths (79.3%) of the overall value of its global shipments.

Based on statistics from the International Monetary Fund’s World Economic Outlook Database, Cyprus’s total Gross Domestic Product amounted to $28.1 billion in 2015 according to Index Mundi. Therefore, exports accounted for about 6.7% of total Cypriot economic output.

From a continental perspective, $823.6 million worth of goods or 51.1% of Cypriot exports by value were delivered to other European countries 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 to North America.

Given the Cypriot population of 1.2 million people, its total $1.9 billion in 2016 exports translates to roughly $1,550 for every resident in that country.

The unemployment rate in Cyprus was 12.9% as of February 2017 up from 12% in May 2016, 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 2016. 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 number one exported product from Cyprus is refined petroleum oils followed by therapeutic or prophylactic drugs and medicines then cheese and curd.

  1. Mineral fuels including oil: US$519.8 million (27.8% of total exports)
  2. Pharmaceuticals: $275 million (14.7%)
  3. Electrical machinery, equipment: $192.5 million (10.3%)
  4. Dairy, eggs, honey: $151.9 million (8.1%)
  5. Salt, sulphur, stone, cement: $74.7 million (4%)
  6. Machinery including computers: $72.4 million (3.9%)
  7. Organic chemicals: $59.2 million (3.2%)
  8. Vegetables: $57.2 million (3.1%)
  9. Vegetable/fruit/nut preparations: $40.7 million (2.2%)
  10. Vehicles : $40.6 million (2.2%)

Salt, sulphur, stone, cement was the fastest-growing among the top 10 export categories up 321.1% for the 7-year period starting in 2009. Principal sales drivers were cement and, to a lesser extent, gypsum trailed by clays and salts.

In second place for improving export sales was mineral fuels including oil which was up 176.3%, almost all of which arose from refined petroleum oils.

The dairy, eggs and honey category posted the third-fastest gain in value up 148.9% predominantly via improved cheese sales far ahead of exported Cypriot milk and honey.

Fruit juices led the vegetable, fruit and nut preparations category to a 144.1% global sales improvement from 2009 to 2016.

The sole declining category among the top 10 Cypriot exports was vegetables which deteriorated by -15.4% thanks mostly to sales reductions for fresh or chilled salad vegetables and spinach.

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 is 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$71.6 million (Down by -575.5% since 2009)
  2. Salt, sulphur, stone, cement: $69.1 million (Up by 1351.4%)
  3. Pharmaceuticals: $58.2 million (Down by -167.6%)
  4. Vegetables: $26.2 million (Down by -29.5%)
  5. Copper: $7.5 million (Up by 51.2%)
  6. Woodpulp: $4.8 million (Up by 64.4%)
  7. Live animals: $3.6 million (Down by -348.3%)
  8. Raw hides, skins not furskins, leather: $3 million (Down by -5.6%)
  9. Arms, ammunition: $538,000 (Down by -105%)
  10. Lead: $144,000 (Up by 102.8%)

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

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$691.7 million (Down by -42.5% since 2009)
  2. Ships, boats: -$683 million (Up by 5,781%)
  3. Vehicles : -$444.2 million (Down by -24.9%)
  4. Machinery including computers: -$266.4 million (Down by -63%)
  5. Plastics, plastic articles: -$139.7 million (Down by -31.1%)
  6. Aircraft, spacecraft: -$136.5 million (Down by -934.3%)
  7. Electrical machinery, equipment: -$134.6 million (Down by -73.7%)
  8. Clothing, accessories (not knit or crochet): -$131.9 million (Down by -33.9%)
  9. Beverages, spirits, vinegar: -$129.6 million (Down by -13.4%)
  10. Food industry waste, animal fodder: -$105.9 million (Up by 11.8%)

Cyprus has highly negative net exports and therefore deep international trade deficits for mineral fuels-related products notably refined petroleum oils.

Companies

Cypriot Export Companies

Not one Cypriot corporation ranks among Forbes Global 2000 for 2015.

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 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