Cyprus Balance of Trade

Last Release

Jan 31, 2025

Actual

-682,704

Units In

EUR Thousand

-955,233

Frequency

Monthly

Next Release

Apr 09, 2025

Time to Release

26 Days 10 Hours

Highest	Lowest	Average	Date Range	Source
158,661 Mar 2018	-1,393,337 Jan 2023	-242,496.89 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 widened to EUR 682.7 million in January 2025 from EUR 555.2 million in the same month last year, preliminary estimates showed. Exports surged by 39.5% year-on-year to EUR 435.1 million, driven by higher sales to third countries (99.1%). However, exports to EU member states declined (-40.4%). Meanwhile, imports grew by 28.9% to EUR 1,117.8 million, due to increased purchases from third countries (61.3%) and EU member states (7.5%).