Cyprus's trade deficit rose 22.4 percent on year to EUR 737 million in May of 2022. Imports rose 72.9 percent on year to EUR 1155 million while exports went up by 83.9 percent to EUR 418 million. source: Statistical Service of the Republic of Cyprus

Balance of Trade in Cyprus averaged -217861.13 EUR Thousand from 1975 until 2022, 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 August of 2022.

Balance of Trade in Cyprus is expected to be -415000.00 EUR Thousand by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Cyprus Balance of Trade is projected to trend around -370000.00 EUR Thousand in 2023 and -365000.00 EUR Thousand in 2024, according to our econometric models.

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Cyprus Balance of Trade

Calendar GMT Actual Previous Consensus TEForecast
2022-06-09 09:30 AM Apr €-554.1M €-729.5M €-660M
2022-07-11 09:00 AM May €-737M €-559.8M €-580M
2022-08-09 09:00 AM Jun €-737M € -455M

Related Last Previous Unit Reference
Balance of Trade -737035.00 -559842.00 EUR Thousand May 2022
Exports 418003.00 283298.00 EUR Thousand May 2022
Imports 1155038.00 843140.00 EUR Thousand May 2022
Tourist Arrivals 372324.00 315018.00 Jun 2022
Tourism Revenues 221000.00 185100.00 EUR Thousand May 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
-737035.00 -559842.00 158661.00 -925949.00 1975 - 2022 EUR Thousand Monthly