Cyprus’ Top Exports And Trading Partners
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The Republic of Cyprus, located in the East Mediterranean Sea south of Syria, Turkey, and Lebanon, exported 3.1 billion dollars in 2020, making it the third-largest and third-most populous Mediterranean island republic.
This figure represents a 1.9 percent gain from 2016 to 2019, but a minus 13.2 percent decrease from 2019 to 2020.
Cyprus utilizes the euro, which has strengthened by 3.1 percent against the US dollar since 2016 and increased by 2 percent from 2019 to 2020, according to the average exchange rate for 2020.
In comparison to 2019, the lower EU currency made Cypriot exports paid in stronger US dollars significantly more expensive for international purchasers in 2020.
According to the most recent country-specific data available, importers in Greece got 8.6 percent of the global total, Liberia had 7.4 percent, the United Kingdom got 6.6 percent, Libya had 6.1 percent, the Marshall Islands with 5.8 percent, the Netherlands with 5.6 percent, France with 4.2 percent, China with 3.1 percent, Israel with 3.1 percent, Lebanon also 3.1 percent, the United States with 2.9 percent, and Germany purchased 58.7 percent of the products exported from Cyprus.
From a continental standpoint, 45.8 percent of Cyprus’ exports were delivered to fellow European countries, while 22.1 percent were sold to Asian buyers.
Another 18.1 percent of Cyprus’ exports went to Africa.
Oceania, led by the Marshall Islands and Australia with 7.4 percent, North America with 4.2 percent, and Latin America excluding Mexico but including the Caribbean received smaller percentages of 2.5 percent.
Given the island’s population of 886,000 inhabitants, the island’s total 3.1 billion dollars in 2020 exports equates to nearly 3,500 dollars for each resident.
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Top Exports from Cyprus
In terms of dollar value, the following export product groups will account for the majority of Cypriot global shipments in 2020.
The percentage share of each export category in terms of total exports from Cyprus is also shown.
Ships, boats: 957.6 million dollars account for 31.3 percent of total exports
Mineral fuels including oil: 495.5 million dollars account for 16.2 percent
Pharmaceuticals: 432.3 million dollars account for 14.1 percent
Dairy, eggs, honey: 306.5 million dollars account for 10 percent
Electrical machinery, equipment: 115.3 million dollars account for 3.8 percent
Machinery including computers: 90.8 million dollars account for 3 percent
Organic chemicals: 42.8 million dollars account for 1.4 percent
Vegetables: 41.4 million dollars account for 1.4 percent
Vegetable/fruit/nut preparations: 33.4 million dollars account for 1.1 percent
Beverages, spirits, vinegar: 32.2 million dollars accounts 1.1 percent
Cyprus’ top ten exports accounted for 83.4 percent of the total value of its international shipments.
The only major export categories from Cyprus that rose from 2019 to 2020 were dairy, eggs, and honey went up by 19.1 percent, medicines were up by 17.6 percent, and pharmaceuticals went up by 17.6 percent.
Mineral fuels, including oil, were the biggest loser among Cyprus’ top 10 export categories, with a minus 32.1 percent drop year over year.
At the four-digit Harmonized Tariff System code level, the most valuable export products from Cyprus are cruise or cargo ships and barges came up by 23.6 percent of the total, followed by medication mixes in dosage with 14 percent, refined petroleum oils with 11 percent, cheese and curd with 9.9 percent, warships including lifeboats with 4.6 percent, electrical resistors with 1.8 percent, tugboats and pusher craft with 1.6 percent, and yachts with 1.6 percent.
In macroeconomic terms, Cyprus’ total exported goods account for 8.8 percent of the country’s overall Gross Domestic Product 34.6 billion dollars in Purchasing Power Parity US dollars)in 2020.
In PPP terms, exports will account for 8.8 percent of overall GDP in 2020, compared to 9.5 percent in 2019.
Although based on a short timescale, this shows that Cyprus’ entire economic performance is becoming less reliant on products sold on overseas markets.
The unemployment rate is another important measure of a country’s economic performance.
According to the International Monetary Fund, Cyprus’ average unemployment rate for 2020 was 8.009 percent, up from 7.005 percent a year earlier.
The capital of Cyprus is Nicosia.
In 2020, Cyprus exported 3.1 billion dollars. This figure represents a 1.9 percent gain from 2016 to 2019, but a minus 13.2 percent decrease from 2019 to 2020.
Using a continental perspective, 45.8 percent of Cyprus’ exports were supplied to European countries, while 22.1 percent were sold to Asian buyers.
Another 18.1 percent of Cyprus’ exports went to Africa.
Oceania, led by the Marshall Islands and Australia with 7.4 percent, North America with 4.2 percent, and Latin America excluding Mexico but including the Caribbean received smaller percentages of 2.5 percent
Cyprus Top Trading Partners
The following is a list of 15 of Cyprus’ most important trading partners.
In terms of dollar value, these are the nations that imported the most Cypriot shipments in 2020.
The percentage of total Cypriot exports for each import country is also indicated.
Greece: 261.6 million dollars account for 8.6 percent of Cyprus’ total exports
Liberia: 224.7 million dollars account for 7.4 percent
United Kingdom: 202.3 million dollars account for 6.6 percent
Libya: 185.1 million dollars account for 6.1 percent
Marshall Islands: 176.4 million dollars account for 5.8 percent
Netherlands: 171.3 million dollars account for 5.6 percent
France: 129.7 million dollars account for 4.2 percent
China: 96.1 million dollars accounts for 3.1 percent
Israel: 96 million dollars account for 3.1 percent
Lebanon: 93.8 million dollars account for 3.1 percent
United States: 87.7 million dollars account for 2.9 percent
Germany: 68.1 million dollars account for 2.2 percent
Hong Kong: 59.7 million dollars account for 2 percent
Vietnam: 53.5 million dollars account for 1.8 percent
Russia: 52.8 million dollars account for 1.7 percent
In 2020, the previously mentioned 15 trading partners will account for over two-thirds of Cypriot exports or 60.4 percent.
Five of Cyprus’s biggest trading partners raised their purchases of exported goods by triple digits from 2019 to 2020.
Liberia was up 281.5 percent, France was up 180.6 percent, Vietnam was up 155.8 percent, China was up 149 percent, and the Marshall Islands were up 149 percent.
The Netherlands went down by minus 62.4 percent, Libya was down by minus 47.6 percent, and Hong Kong were the top decliners year over year down by minus 34.2 percent.
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