Cyprus Balance of Trade

Last Release

Feb 28, 2025

Actual

-550,840

Units In

EUR Thousand

-682,704

Frequency

Monthly

Next Release

May 12, 2025

Time to Release

30 Days 7 Hours

Highest	Lowest	Average	Date Range	Source
158,661 Mar 2018	-1,393,337 Jan 2023	-243,009.08 EUR Thousand	1975-2025	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 550.8 million in February 2025 from EUR 589.6 million in the corresponding month of the previous year, preliminary estimates showed. Exports soared by 73.8% year-on-year to EUR 476.4 million, mainly attributed to higher shipments to third countries (128.8%). In addition, shipments to EU member states (0.1%) saw a slight increase. Meanwhile, imports rose at a much softer 18.9% to EUR 1,027.2 million, primarily due to increased arrivals from the third countries (57%). However, arrivals decreased from the EU member states (-1%).