Cyprus Balance of Trade

Last Release

Nov 30, 2024

Actual

-752,230

Units In

EUR Thousand

-787,510

Frequency

Monthly

Next Release

Feb 10, 2025

Time to Release

29 Days 9 Hours

Highest	Lowest	Average	Date Range	Source
158,661 Mar 2018	-1,393,337 Jan 2023	-240,572.11 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 widened sharply to EUR 752.2 million in November 2024 from EUR 333 million in the corresponding month of the previous year, preliminary estimates showed. Imports rose 2.7% year-on-year to EUR 1,128.7 million in November, as arrivals from the third countries surged (10.4%), although it dropped from EU countries (-2.8%). Meanwhile, exports slumped by 49.5% to EUR 376.5 million, as sales dropped significantly to both EU (-8.3%) and third (-54.8%) countries. Considering January to November period, the country's trade deficit narrowed to EUR 7,139.6 million from EUR 7,908.7 million in the same period a year earlier.