Exports from Cyprus amounted to 1.7 billion euros during 2016, an increase of 38.5% since 2009, when the Great Recession kicked in.
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, which accounts for 20% of the exports. Exports from Cyprus rose by 4.5% year-on-year to 188.8 million euros in April of 2017, as intra-EU sales increased by 0.1% to 95.6 million euros and shipments to countries outside the EU advanced 9.6% to 93.2 million euros.
The top 10 exports from Cyprus accounted for about four-fifths (79.3%) of the overall value of the islands global shipments.
1. Mineral fuels including oil: EUR 466,71 million (27.8% of total exports)
2. Pharmaceuticals: EUR 246,91 million (14.7%)
3. Electrical machinery, equipment: EUR 172,84 million (10.3%)
4. Dairy, eggs, honey: EUR 136,39 million (8.1%)
5. Salt, sulphur, stone, cement: EUR 67,07 million (4%)
6. Machinery including computers: EUR 65,01 million (3.9%)
7. Organic chemicals: EUR 53,15 million (3.2%)
8. Vegetables: EUR 51,36 million (3.1%)
9. Vegetable/fruit/nut preparations: EUR 36,54 million (2.2%)
10. Vehicles : EUR 36,45 million (2.2%)
Salt, sulphur, stone, cement were the fastest-growing among the top 10 export categories, up by 321.1% since 2009. Principal sales drivers were cement and, to a lesser extent, gypsum trailed by clays and salts. In second place for improving export sales was mineral fuels including oil which was up by 176.3%, almost all of which arose from refined petroleum oils. Meanwhile the dairy, eggs and honey category posted the third-fastest gain in value up 148.9% predominantly via improved cheese sales far ahead of exported Cypriot milk and honey. Fruit juices led the vegetable, fruit and nut preparations category to a 144.1% global sales improvement from 2009 to 2016.
Cyprus has highly positive net exports in the international trade under the dairy, eggs and honey category. In turn, these cash-flows indicate Cyprus’s strong competitive advantages under that agricultural products category.