Cyprus Balance of Trade

Last Release

Aug 31, 2024

Actual

-672,185

Units In

EUR Thousand

-721,497

Frequency

Monthly

Next Release

Nov 11, 2024

Time to Release

30 Days 12 Hours

Highest	Lowest	Average	Date Range	Source
158,661 Mar 2018	-1,393,337 Jan 2023	-238,202.82 EUR Thousand	1975-2024	Statistical Service of the Republic of Cyprus

Trade is an integral part of the recent economic success of Cyprus, as the island nation falls short of being self-sufficient for food and fuel. As such, Cyprus is a net importer of fuels, raw materials, heavy machinery and transportation equipment. Cyprus mostly exports citrus fruits, cement, potatoes, clothing and pharmaceuticals. Cyprus' largest, and most important, trading partner is the European Union, which accounts for 50% of all Cypriot trade flows, followed by the Middle East, destination for 20% of exports from Cyprus. In the European Union, the UK and Greece account for the largest share of trade due to historical connections. Recent discoveries of offshore gas will likely diminish Cyprus' need for importing energy and lead to a shift in the composition of its exports.

Latest Updates

The trade deficit in Cyprus narrowed to EUR 672.2 million in August 2024 from EUR 801.3 million in the corresponding month of the previous year, preliminary estimates showed. Imports shrank 23.7% year-on-year to EUR 948.6 million, as arrivals dropped from EU member states (-18.4%) and third countries (-30.3%). Meanwhile, exports slumped 34.6% from a year earlier to EUR 276.4 million, as shipments declined to both EU member states (-11.5%) and third countries (-39.9%).