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 totaled US$4.5 billion in 2024.

That dollar amount results from a 43.3% expansion from $3.14 billion five years earlier in 2020.

Year over year, the overall value of Cypriot exports retreated by -11.3% compared to $5.1 billion starting from 2023.

Based on the average exchange rate for 2024, Cyprus uses the euro which slowed to a 0.02% gain against the US dollar from 2023 to 2024. The slightly stronger EU currency since 2020 made Cypriot exports paid for in weaker US dollars modestly more expensive for international buyers starting from American currency.

The top 5 most valuable exported products from Cyprus are processed petroleum oils, medication mixes in dosage, cruise or cargo ships, cheese and curd, then pleasure or sports vessels including yachts. Combined, that quintet of major Cypriot products generated over three-quarters (76.7%) of Cyprus’ overall revenues from its exports.

Most Valuable Cypriot Trade Partners

The latest available country-specific data shows that 59% of products exported from Cyprus was bought by importers in: Libya (18.9% of the Cypriot total), Greece (7.8%), Lebanon (7.6%), United Kingdom (4.9%), Egypt (2.9%), Seychelles (2.8%), Israel (2.64%), Marshall Islands (2.56%), Nigeria (2.53%), Germany (2.25%), Singapore (2.19%) and France (1.9%).

From a continental perspective, 36.4% of Cyprus’ exports by value was delivered to fellow European countries while 33.1% was sold to importers in Africa. Cyprus shipped another 24.4% worth of goods to Asia.

Cyprus has been a member territory of the European Union since May 1, 2004. Cypriot exports to the EU represent 27.9% of overall exports.

Smaller percentages went to buyers in Oceania (3.5%) led by Marshall Islands and Australia, North America (1.8%) then Latin America (0.8%) excluding Mexico but including the Caribbean.

Given the Cypriot population of 936,000 people, its total $4.5 billion in 2024 exports translates to roughly $4,800 for every resident in the island country.

Top 10 Exports from Cyprus

The following export product groups represent the highest dollar value in Cypriot global shipments during 2024. Also shown is the percentage share each export category represents in terms of overall exports from Cyprus.

1. Mineral fuels including oil: US$1.7 billion (38.4% of total exports)
2. Ships, boats: $710.7 million (15.8%)
3. Pharmaceuticals: $470.9 million (10.5%)
4. Dairy, eggs, honey: $361.1 million (8%)
5. Perfumes, cosmetics: $154.1 million (3.4%)
6. Electrical machinery, equipment: $152.6 million (3.4%)
7. Machinery including computers: $92.2 million (2%)
8. Vegetable/fruit/nut preparations: $55.4 million (1.2%)
9. Vegetables: $53.5 million (1.2%)
10. Fish: $52.9 million (1.2%)

Cyprus’ top 10 exports accounted for 85.2% of the overall value of the country’s global shipments.

Fish was the fastest grower among the top 10 export categories, up by 96.4% from 2023 to 2024.

In second place for improving export sales was electrical machinery and equipment via a 61.1% advance.

Cyprus’s shipments of vegetables posted the third-fastest gain in value, up by 11.4%.

The lone decliner among Cyprus’ top 10 export categories was ships and boats, recording a -51.3% year-over-year drop.

At the more granular four-digit Harmonized Tariff System code level, the most valuable exported products from Cyprus include processed petroleum oils (37.7% of the country’s total) trailed by medication mixes in dosage (10.3%), the highly capital-intensive category cruise or cargo ships and barges (9.9%), cheese and curd (8%), pleasure or sports vessels including yachts (3.8%), scents used for beverage or industrial manufacturing (2.9%), phone devices including smartphones (1.6%), warships and lifeboats (1.3%), fruit or vegetable juices (1.2%) then potatoes (1.1%).

Products Generating Largest Trade Surpluses for Cyprus

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$216.4 million (Up by 2.8% since 2023)
2. Copper: $8.3 million (Up by 1972.9%)
3. Salt, sulphur, stone, cement: $7.9 million (Down by -32.1%)
4. Woodpulp: $4.5 million (Up by 5.8%)
5. Raw hides, skins not furskins, leather: $2.8 million (Down by -54.5%)
6. Live animals: $2.3 million (Up by 16.8%)
7. Miscellaneous animal-origin products: $437,000 (Down by -64.6%)
8. Silk: $100,000 (Reversing a -$19,000 deficit)
9. Wool: $17,000 (Up by 13.3%)

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

Products Causing Worst Trade Deficits for Cyprus

Cyprus incurred an overall -US$8.926 billion trade deficit during 2024, flatling by a -0.1% slowdown from the -$8.934 billion in red ink one year earlier in $7.5 billion.

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$1.3 billion (Down by -12.4% since 2023)
2. Vehicles: -$1 billion (Down by -8.3%)
3. Machinery including computers: -$636.6 million (Down by -9.4%)
4. Electrical machinery, equipment: -$589.7 million (Down by -2.5%)
5. Plastics, plastic articles: -$271.1 million (Up by 3.4%)
6. Ships, boats: -$267.9 million (Down by -39.4%)
7. Clothing, accessories (not knit or crochet): -$223.5 million (Up by 18.2%)
8. Beverages, spirits, vinegar: -$220.5 million (Up by 4.8%)
9. Iron, steel: -$215.5 million (Down by -2.9%)
10. Furniture, bedding, lighting, signs, prefab buildings: -$207.7 million (Up by 1.9%)

Cyprus has negative net exports and therefore deep international trade deficits, historically for refined petroleum oils, high temperature distilled coal tar products, petroleum gases, petroleum coke, and coal under the mineral fuels including oil category.

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)

 
In macroeconomic terms, Cyprus’ total exported goods represent 7.7% of its overall Gross Domestic Product for 2024 ($58.2 billion valued in Purchasing Power Parity US dollars). That 7.7% for exports to overall GDP in PPP for 2024 compares to 9.8% for 2023. This suggests a relatively increasing reliance on products sold on international markets for Cyprus’ total economic performance albeit based on a short timeframe.

Another key indicator of a country’s economic performance is its unemployment rate. Cyprus’ unemployment rate averaged 4.862% for 2024, down from an average 5.82% jobless rate in 2023 according to International Monetary Fund statistics.

Nicosia is the capital city of Cyprus.

See also Cyprus Top Trading Partners, 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 September 25, 2025

Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on September 25, 2025

International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on September 25, 2025

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on September 25, 2025

International Trade Centre, Trade Map. Accessed on September 25, 2025

Investopedia, Net Exports Definition. Accessed on September 25, 2025

Wikipedia, Cyprus. Accessed on September 25, 2025

Wikipedia, Gross domestic product. Accessed on September 25, 2025

Wikipedia, List of Companies of Cyprus. Accessed on September 25, 2025

Wikipedia, Purchasing power parity. Accessed on September 25, 2025