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$4.41 billion in 2022.

That dollar amount results from a -12.9% reduction from $5.06 billion five years earlier in 2018.

Year over year, the overall value of Cypriot exports increased by 10.6% compared to $4 billion for 2021.

The top 5 most valuable exported products from Cyprus are cruise or cargo ships, processed petroleum oils, medication mixes in dosage, cheese, then scents used for beverages or industrial manufacturing. Combined, that quintet of major Cypriot products generated over two-thirds (68.3%) of Cyprus’ overall revenues from its exports.

Based on the average exchange rate for 2022, Cyprus uses the euro which depreciated by -12.1% against the US dollar since 2018 and fell by -12.3% from 2021 to 2022. The weaker EU currency in 2022 made Cypriot exports paid for in stronger US dollars relatively less expensive for international buyers compared to 2021.

Most Valuable Cypriot Trade Partners

The latest available country-specific data shows that 56.5% of products exported from Cyprus were bought by importers in: Hong Kong (10.7% of the Cypriot total), Lebanon (7.5%), Greece (7.1%), Liberia (5.8%), United Kingdom (5.6%), Marshall Islands (3.92%), United Arab Emirates (3.87%), Libya (3%), Israel (2.5%), Germany (2.4%), United States of America (2.3%) and Singapore (1.8%).

From a continental perspective, 38.8% of Cyprus’ exports by value was delivered to Asia countries while 35.3% was sold to importers in fellow European countries. Cyprus shipped another 16.6% worth of goods to buyers in Africa.

Smaller percentages went to importers in Oceania (5.2%) led by Marshall Islands and Australia, North America (3.2%), then Latin America (0.9%) excluding Mexico but including the Caribbean.

Given the Cypriot population of 905,000 people, its total $4.41 billion in 2022 exports translates to roughly $4,900 for every resident in the island country. That dollar metric exceeds the average $4,300 per capita one year earlier during 2021.

Top 10 Exports from Cyprus

The following export product groups represent the highest dollar value in Cypriot global shipments during 2022. Also shown is the percentage share each export category represents in terms of overall exports from Cyprus.

1. Ships, boats: US$1.2 billion (31.5% of total exports)
2. Mineral fuels including oil: $758.7 million (19.5%)
3. Pharmaceuticals: $412.4 million (10.6%)
4. Dairy, eggs, honey: $316.8 million (8.2%)
5. Electrical machinery, equipment: $166.1 million (4.3%)
6. Perfumes, cosmetics: $145.7 million (3.7%)
7. Machinery including computers: $86.9 million (2.2%)
8. Vegetables: $48 million (1.2%)
9. Organic chemicals: $45.8 million (1.2%)
10. Tobacco, manufactured substitutes: $41.8 million (1.1%)

Cyprus’ top 10 exports accounted for 84.6% of the overall value of the country’s global shipments.

Mineral fuels including oil was the fastest grower among the top 10 export categories, up by 39% from 2021 to 2022. Refined petroleum oils was a notable gainer under this category.

In second place for improving export sales was aircraft and spacecraft via a 28.8% advance.

Cyprus’ shipments of the metals iron and steel posted the third-fastest gain in value, up by 13.8%.

The leading decliner among Cyprus’ top 10 export categories was vegetables, pulled down by a -9.9% year-over-year drop.

At the more granular four-digit Harmonized Tariff System code level, the most valuable exported products from Cyprus include the highly capital-intensive category cruise or cargo ships and barges (29.9% of the country’s total) trailed by processed petroleum oils (20.2%), medication mixes in dosage (8.9%), cheese and curd (6.9%), scents used for beverage or industrial manufacturing (2.5%), electrical resistors (2.4%), yachts and other pleasure or sports vessels (1.3%), aircraft and spacecraft (1.2%), phone devices including smartphones (1.1%), iron or steel scrap (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$189.9 million (Down by -10.2% since 2021)
2. Ships, boats: $41.5 million (Down by -81.8%)
3. Woodpulp: $7.5 million (Up by 6.6%)
4. Salt, sulphur, stone, cement: $7.3 million (Down by -34.9%)
5. Raw hides, skins not furskins, leather: $5.1 million (Up by 25.1%)
6. Nickel: $4.2 million (Up by 242.9%)
7. Miscellaneous animal-origin products: $2.8 million (Up by 55.9%)
8. Live animals: $2.3 million (Up by 6.4%)
9. Railways, streetcars: $404,000 (Down by -36.8%)
10. Wool: $26,000 (Down by -71.7%)

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$7.5 billion trade deficit during 2022, expanding by 19.8% from the -$6.2 billion in red ink one year earlier in $6.2 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$1.7 billion (Up by 55.5% since 2021)
2. Vehicles: -$636.7 million (Up by 6.4%)
3. Machinery including computers: -$518.7 million (Up by 3.3%)
4. Electrical machinery, equipment: -$476.7 million (Up by 8%)
5. Plastics, plastic articles: -$271.9 million (Up by 19.8%)
6. Iron, steel: -$201.6 million (Up by 2.4%)
7. Furniture, bedding, lighting, signs, prefabricated buildings: -$201.2 million (Up by 11.8%)
8. Cereals: -$191.1 million (Up by 19.5%)
9. Beverages, spirits, vinegar: -$183.4 million (Up by 15.7%)
10. Food industry waste, animal fodder: -$178.8 million (Up by 3%)

Cyprus has negative net exports and therefore deep international trade deficits, notably 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 9.4% of its overall Gross Domestic Product for 2022 ($46.8 billion valued in Purchasing Power Parity US dollars). That 9.4% for exports to overall GDP in PPP for 2022 compares to 9.6% for 2021. This suggests a relatively decreasing 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 6.728% for 2022, down from 7.475% in 2021 according to the International Monetary Fund.

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 4, 2023

Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on September 4, 2023

International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on September 4, 2023

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on September 4, 2023

International Trade Centre, Trade Map. Accessed on September 4, 2023

Investopedia, Net Exports Definition. Accessed on September 4, 2023

Wikipedia, Cyprus. Accessed on September 4, 2023

Wikipedia, Gross domestic product. Accessed on September 4, 2023

Wikipedia, List of Companies of Cyprus. Accessed on September 4, 2023

Wikipedia, Purchasing power parity. Accessed on September 4, 2023