Year over year, the overall value of Cypriot exports gained 10.6% compared to $4 billion for 2021.
Based on the average exchange rate for 2022, the euro depreciated by -12.1% against the US dollar since 2018 and weakened by -12.3% from 2021 to 2022. The weaker European Union currency in 2022 made Germany’s exports paid for in stronger US dollars relatively lesser expensive for international buyers.
Applying a continental lens, 38.8% of Cyprus’ exports by value was delivered to Asian countries while 35.3% was sold to importers also in Europe. Cyprus shipped another 16.6% worth of goods to Africa.
Smaller percentages went to Oceania (5.2%) led by Marshall Islands and Australia, North America (3.2%), then Latin America (0.9%) excluding Mexico but including the Caribbean.
Best Cypriot Exports Customers
Below is a list showcasing 25 of Cyprus’ top trading partners. These are countries that imported the most Cypriot shipments by dollar value during 2022. Also shown is each import country’s percentage of total Cypriot exports.
- Hong Kong: US$472.1 million (10.7% of Cyprus’ total exports)
- Lebanon: $331.4 million (7.5%)
- Greece: $312.6 million (7.1%)
- Liberia: $255.1 million (5.8%)
- United Kingdom: $244.8 million (5.6%)
- Marshall Islands: $173.1 million (3.9%)
- United Arab Emirates: $170.8 million (3.9%)
- Libya: $133 million (3%)
- Israel: $108.3 million (2.5%)
- Germany: $105.7 million (2.4%)
- United States: $102.4 million (2.3%)
- Singapore: $81.5 million (1.8%)
- Seychelles: $70.7 million (1.6%)
- France: $67.6 million (1.5%)
- India: $60.2 million (1.4%)
- Nigeria: $52.7 million (1.2%)
- Italy: $48.7 million (1.1%)
- Togo: $44 million (1%)
- Russia: $43.8 million (1%)
- Netherlands: $41.4 million (0.9%)
- Sweden: $41.2 million (0.9%)
- Yemen: $39.3 million (0.9%)
- Belgium: $36.6 million (0.8%)
- Gibraltar: $34.2 million (0.8%)
- Czech Republic: $32.7 million (0.7%)
Over two-thirds (70.4%) of Cypriot exports in 2022 were delivered to the above 25 trade partners.
From 2021 to 2022, the fastest-growing customers for exported goods from Cyprus were Gibraltar (up 126,489%), Togo (up 29,264%), Seychelles (up 8,805%), Nigeria (up 1,414%), Yemen (up 1,122%), Hong Kong (up 692.9%) then the United Arab Emirates (up 601.9%).
Posting the severest declines year over year were Sweden (down -51.9% from 2021), Russia (down -51.7%), Marshall Islands (down -41.8%), Libya (down -37.8%) then the Netherlands (down -36.2%).
Countries Generating Largest Trade Surpluses for Cyprus
Cyprus incurred an overall -US$7.5 billion trade deficit during 2022, up by 19.8% from the -$6.24 billion in red ink one year earlier for 2021.
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$2.5 billion (country-specific trade deficit in 2022)
- Italy: -$1.2 billion
- mainland China: -$919.6 million
- Israel: -$772 million
- Germany: -$526.7 million
- Netherlands: -$450.7 million
- Spain: -$390.2 million
- Belgium: -$222.1 million
- South Korea: -$198.6 million
- Türkiye: -$190.5 million
Among Cyprus’ trading partners that cause the greatest negative trade balances, Cypriot deficits with Israel (up 108.3%), mainland China (up 104.9%) and Türkiye (up 49.1%) grew at the fastest pace from 2021 to 2022.
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.
- Hong Kong: US$440.3 million (country-specific trade surplus in 2022)
- Lebanon: $296.9 million
- Liberia: $196.8 million
- Marshall Islands: $159.3 million
- Libya: $130.9 million
- United Arab Emirates: $75.7 million
- Seychelles: $70.2 million
- Nigeria: $51.6 million
- Togo: $44 million
- Yemen: $39.3 million
Among Cyprus’ trading partners that generate the greatest positive trade balances, Cypriot surpluses with Togo (up 29,264%), Seychelles (up 22,051%) and Hong Kong (up 4,328%) grew at the fastest pace from 2021 to 2022.
In addition, Cyprus went from incurring a -$44.3 million deficit trading with the United Arab Emirates to post the trade surplus 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 June 27, 2023
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on June 27, 2023
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on June 27, 2023
International Trade Centre, Trade Map. Accessed on June 27, 2023
Investopedia, Net Exports Definition. Accessed on June 27, 2023
Wikipedia, Cyprus. Accessed on June 27, 2023
Wikipedia, List of Companies of Cyprus. Accessed on June 27, 2023