Cyprus recorded a trade deficit of EUR 473.1 million in December of 2020, higher than EUR 437 million a year earlier. Exports tumbled 24 percent year-on-year to EUR 191.8 million and imports declined at a softer 3.6 percent to EUR 664.9 billion. source: Statistical Service of the Republic of Cyprus

Balance of Trade in Cyprus averaged -210446 EUR Thousand from 1975 until 2020, reaching an all time high of 158661 EUR Thousand in March of 2018 and a record low of -925949 EUR Thousand in May of 2016. This page provides - Cyprus Balance of Trade - actual values, historical data, forecast, chart, statistics, economic calendar and news. Cyprus Balance of Trade - data, historical chart, forecasts and calendar of releases - was last updated on March of 2021.

Balance of Trade in Cyprus is expected to be -528000.00 EUR Thousand by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Cyprus to stand at -525000.00 in 12 months time. In the long-term, the Cyprus Balance of Trade is projected to trend around -525000.00 EUR Thousand in 2022, according to our econometric models.

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Cyprus Balance of Trade

Actual Previous Highest Lowest Dates Unit Frequency
-473131.00 -490248.00 158661.00 -925949.00 1975 - 2020 EUR Thousand Monthly

Calendar GMT Actual Previous Consensus TEForecast
2020-11-09 10:00 AM Sep €-393.9M €-301.3M € -51M
2020-12-10 10:00 AM Oct €-526.5M €-393.9M €-385M
2021-01-11 10:15 AM Nov €-473M €-552M
2021-02-09 10:00 AM Dec €-473M €-490M €-490M
2021-03-12 10:00 AM Jan €-473M €-430M
2021-04-09 09:00 AM Feb
2021-05-11 09:00 AM Mar
2021-06-09 09:30 AM Apr

Cyprus Balance of Trade
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.