Year over year, the overall value of Cypriot exports accelerated by 23.9% from $3.14 billion one year earlier for 2020.
Applying a continental lens, 40.2% of Cyprus’ exports by value were delivered to fellow European countries while 24.6% were sold to importers in Asia. Cyprus shipped another 15.5% worth of goods to Africa.
Smaller percentages went to Oceania (9.1%) led by Marshall Islands and Australia, Latin America (7.6%) excluding Mexico but including the Caribbean then North America (3%).
Cyprus Top Trading Partners
Below is a list showcasing 25 of Cyprus’ top trading partners. These are countries that imported the most Cypriot shipments by dollar value during 2021. Also shown is each import country’s percentage of total Cypriot exports.
- Lebanon: US$337.7 million (8.7% of Cyprus’ total exports)
- Greece: $298 million (7.7%)
- Marshall Islands: $297.1 million (7.6%)
- United Kingdom: $251.8 million (6.5%)
- British Virgin Islands: $238.4 million (6.1%)
- Libya: $213.7 million (5.5%)
- Liberia: $165 million (4.2%)
- Germany: $115.5 million (3%)
- Norway: $114.3 million (2.9%)
- Israel: $106 million (2.7%)
- United States of America: $89.4 million (2.3%)
- Sweden: $85.8 million (2.2%)
- Kenya: $78.7 million (2%)
- Russia: $72.3 million (1.9%)
- China: $61.3 million (1.6%)
- Hong Kong: $59.5 million (1.5%)
- Italy: $51.8 million (1.3%)
- France: $50.5 million (1.3%)
- Netherlands: $46 million (1.2%)
- Singapore: $45.9 million (1.2%)
- Bermuda: $38.4 million (1%)
- Czech Republic: $29.8 million (0.8%)
- Bulgaria: $27.7 million (0.7%)
- Romania: $27.5 million (0.7%)
- Egypt: $27 million (0.7%)
Roughly three-quarters (75.4%) of Cypriot exports in 2021 were delivered to the above 25 trade partners.
From 2020 to 2021, the fastest-growing customers for exported goods from Cyprus were Bermuda (up 1,280,867%), British Virgin Islands (up 1,247%), Norway (up 410.4%), Singapore (up 247.9%), Lebanon (up 237.4%), Egypt (up 171.4%) then Kenya (up 140.8%).
Posting double-digit declines year over year were the Netherlands (down -72.6%), France (down -61.6%), mainland China (down -38.6%), then Liberia (down -29.1%).
Countries Generating Largest Trade Surpluses for Cyprus
Cyprus incurred an overall -$6.2 billion trade deficit during 2021, swelling by 10.9% from the -$5.6 billion in red ink one year earlier in 2020.
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.
- Greece: -US$2.1 billion (country-specific trade deficit in 2021)
- Italy: -$980.1 million
- Germany: -$507.9 million
- Netherlands: -$471.1 million
- China: -$447.7 million
- Israel: -$370.5 million
- Spain: -$306.9 million
- Belgium: -$293 million
- South Korea: -$215.3 million
- Cayman Islands: -$180.7 million
Among Cyprus’ trading partners that cause the greatest negative trade balances, Cypriot deficits with South Korea (up 684.1%), Netherlands (up 87.1%) and Israel (up 81.5%) grew at the fastest pace from 2020 to 2021.
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.
Countries Generating Largest Trade Surpluses for Cyprus
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.
- Lebanon: US$310.2 million (country-specific trade surplus in 2021)
- Marshall Islands: $243.9 million
- Libya: $209.9 million
- British Virgin Islands: $194.1 million
- Norway: $103.4 million
- Liberia: $88 million
- Kenya: $75.2 million
- Sweden: $38 million
- Bermuda: $35.5 million
- Hong Kong: $28.7 million
Among Cyprus’ trading partners that generate the greatest positive trade balances, Cypriot surpluses with Bermuda (up 1,182,233%), Lebanon (up 314.1%) and Kenya (up 151.2%) grew at the fastest percentage pace from 2020 to 2021.
In addition, Cyprus went from incurring multi-million-dollar deficits with the British Virgin Islands, Norway and Sweden to post the trade surpluses listed above.
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 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, 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 August 19, 2022
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on August 19, 2022
International Trade Centre, Trade Map. Accessed on August 19, 2022
Investopedia, Net Exports Definition. Accessed on August 19, 2022
Wikipedia, Cyprus. Accessed on August 19, 2022
Wikipedia, List of Companies of Cyprus. Accessed on August 19, 2022
