OVERVIEW
Cyprus, an island nation in the Eastern Mediterranean, stands at the crossroads of Europe, Asia, and the Middle East. Known for its ancient archaeological sites, turquoise coastlines, and a blend of Greek and Turkish cultural influences, the country has long been a strategic hub for trade, finance, and tourism.
Its economy is driven by services, especially tourism, shipping, and financial activities, while trade plays a crucial role due to the island’s limited natural resources. Cyprus imports most of its energy, machinery, and consumer goods, while exporting pharmaceuticals, refined petroleum, and agricultural products. Nicosia serves as the political and economic center, while Limassol and Larnaca are key ports for trade and logistics.
In 2023 Cyprus ranked:
- 102nd in total exports, valued at $4.01B
- 92nd in total imports, worth $10.9B
- 41st in exports per capita
- 33rd in imports per capita
- –1.9% export growth from 2022 to 2023 (–$78.7M)
ECONOMIC COMPLEXITY RATE
EXPORT
In 2023, Cyprus’s principal exports were:
- Refined Petroleum – $1.4B
- Passenger and Cargo Ships – $1.32B
- Packaged Medicaments – $474M
- Cheese – $418M (including Halloumi, a key cultural export)
- Scented Mixtures – $126M
Top destinations for Cypriot exports included:
- Libya – $775M
- Greece – $626M
- Lebanon – $466M
- Bermuda – $403M
- Marshall Island – $294M
Pharmaceuticals and refined petroleum dominate, reflecting Cyprus’s role as a regional processing and re‑export hub.
IMPORT
In 2023, Cyprus imported $10.9B in goods, highlighting its reliance on external markets for energy, machinery, and consumer goods.
Main imports included:
- Refined Petroleum – $2.93B
- Passenger and Cargo Ships – $1.65B
- Cars – $881M
- Packaged Medicaments – $473M
- Coal Tar Oil – $430M
Key suppliers were:
- Greece – $3.12B
- Turkey – $1.92B
- United Kingdom – $1.5B
- Italy – $1.15B
- China – $927M
YEARLY TRADE
Between 2022 and 2023, Cyprus’s exports decreased slightly from $4.09B to $4.01B (–1.9%). This decline was driven by lower refined petroleum shipments, while pharmaceuticals remained stable.
Imports continue to exceed exports significantly, creating a structural trade deficit typical of small island economies with limited natural resources.
CURIOSITY CORNER
Cyprus is globally known for Halloumi cheese, one of its most iconic cultural exports. Protected under EU law, Halloumi has become a culinary ambassador for the island, with rising demand in Europe, the UK, and the Middle East.
The country is also a major player in maritime services: despite its small size, Cyprus hosts one of the world’s largest ship registries, making shipping a cornerstone of its economic identity.
CONCLUSIONS
In 2023, Cyprus stood out as a service‑driven Mediterranean economy with a specialized export base in pharmaceuticals and refined petroleum. Its trade profile reflects both its geographic position and its economic structure: high reliance on imports, strong re‑export activity, and a growing role in advanced manufacturing.
Long‑term opportunities lie in renewable energy, maritime services, and high‑value pharmaceuticals. Culturally, Cyprus continues to project its identity through Halloumi, Mediterranean agriculture, and a rich historical heritage, showcasing how tradition and modern industry coexist on this strategically located island.
