Cyprus posted a trade deficit of EUR 374 million in March 2019, compared to a EUR 730 million surplus in the same month of the previous year. Exports plunged 75.9 percent to EUR 213 million, with sales to countries outside the EU falling 86.1 percent while those to the EU rose 24.4 percent. Meanwhile, imports dropped at a softer 19.5 percent to EUR 587 million, as purchases declined from non-EU countries (-54.7 percent). Imports from the EU, however, increased 10.9 percent. Considering the first quarter of 2019, the trade deficit surged to EUR 1,032 million from EUR 685 million in the same period last year. Balance of Trade in Cyprus averaged -202147.38 EUR Thousand from 1975 until 2019, reaching an all time high of 152950 EUR Thousand in March of 2018 and a record low of -925948 EUR Thousand in May of 2016.

Balance of Trade in Cyprus is expected to be -49000.00 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 31000.00 in 12 months time. In the long-term, the Cyprus Balance of Trade is projected to trend around -525000.00 EUR Thousand in 2020, according to our econometric models.

Cyprus Balance of Trade
Forecast Data Chart
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Calendar GMT Actual Previous Consensus TEForecast
2019-02-11 10:30 AM Balance of Trade €-656.5M €-753.5M € -425M
2019-03-14 10:30 AM Balance of Trade €-271.5M €-684.1M € -580M
2019-04-09 09:30 AM Balance of Trade €-379.4M €-277.6M € -400M
2019-05-10 09:30 AM Balance of Trade €-374.2M €-380.4M €-220M
2019-06-10 09:30 AM Balance of Trade €-374.2M €-710M
2019-07-10 09:30 AM Balance of Trade €-410M
2019-08-09 09:00 AM Balance of Trade €-49M

Cyprus Trade Last Previous Highest Lowest Unit
Balance of Trade -374177.00 -380374.00 152950.00 -925948.00 EUR Thousand [+]
Current Account -1229.80 11.70 395.30 -1541.40 EUR Million [+]
Current Account to GDP -7.00 -8.40 3.10 -15.50 percent [+]
Imports 587348.00 559162.00 1082134.00 13481.00 EUR Thousand [+]
Exports 213171.00 178788.00 882891.00 5946.00 EUR Thousand [+]
Capital Flows -713.00 344.00 1701.50 -1716.40 EUR Million [+]
Remittances 13.00 13.30 34.00 1.00 EUR Million [+]
Tourism Revenues 52400.00 39600.00 428200.00 28300.00 EUR Thousand [+]
Tourist Arrivals 329308.00 169934.00 539626.00 16748.00 [+]
Gold Reserves 13.90 13.90 14.48 13.87 Tonnes [+]
Terrorism Index 1.21 1.89 3.19 0.05 [+]
External Debt 102533.24 103957.21 161624.10 90778.90 EUR Million [+]

Exports by Country  |   Exports by Category  |   Imports by Country  |   Imports by Category

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. This page provides - Cyprus Balance of Trade - actual values, historical data, forecast, chart, statistics, economic calendar and news. Cyprus Balance of Trade - actual data, historical chart and calendar of releases - was last updated on May of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
-374177.00 -380374.00 152950.00 -925948.00 1975 - 2019 EUR Thousand Monthly

Country Last Previous
Argentina 1131.00 Apr/19
Australia 4949.00 Mar/19
Brazil 6060.00 Apr/19
Canada -3211.20 Mar/19
China 138.34 Apr/19
Euro Area 22532.90 Mar/19
France -5324.00 Mar/19
Germany 22683.00 Mar/19
India -15330.00 Apr/19
Indonesia -2501.90 Apr/19
Italy 4625.00 Mar/19
Japan 60.40 Apr/19
Mexico 1370.00 Apr/19
Netherlands 5330.00 Mar/19
Russia 15537.00 Mar/19
Saudi Arabia 180059.00 Dec/18
Singapore 2782.79 Apr/19
South Africa 5004.63 Mar/19
South Korea 4120.00 Apr/19
Spain -2352600.00 Mar/19
Switzerland 2494.00 Mar/19
Turkey -2136.73 Mar/19
United Kingdom -5408.00 Mar/19
United States -50000.00 Mar/19