1.1 Trade in Goods
Trade between Cyprus and Greece for the twelve-month period of 2024 (January–December) once again reached the highest level of the past decade for both markets. Greece is the second largest destination for Cypriot exports (excluding petroleum products) after the UK. At the same time, Greek products are highly preferred in Cyprus, placing Greece in the top spot for Cypriot imports.
This is supported by the 11.9% increase in domestic Cypriot exports to Greece in 2024 (€142 million, compared to €127 million in 2023). Total exports (domestic + re-exports) to Greece rose by 13%, reaching €323 million (2023: €285 million), securing Greece as Cyprus’s second main export destination after the UK.
During the same period (Jan–Dec 2024), the value of Greek imports into Cyprus reached €2.93 billion—a 2% increase from 2023 (€2.89 billion).
Source: Cyprus Statistical Service
Regarding halloumi, for Jan–Dec 2024, Greece ranked 4th among the top importers of the product (up from 5th in 2023), behind the UK, Sweden, and Australia. Halloumi exports to Greece rose by 53% compared to the same period in 2023 (€29.6 million in 2024 vs €19.3 million in 2023), reflecting the product’s strong acceptance by both consumers and the food service industry.
Main exports to Greece in 2024:
– Dairy products including halloumi (21%)
– Cast iron and steel scrap (18%)
– Pharmaceuticals (15%)
– Potatoes (12%)
– Aluminum and copper scrap (6%)
Main imports from Greece in 2024:
– Mineral fuels and petroleum products (25%)
– Electrical appliances (9%)
– Machinery (6%)
– Pharmaceuticals (6%)
1.2 Trade in Services
The main services exported to Greece in 2024 were:
– Travel services (39%)
– Transportation services (35%)
– Financial services (14%)
– Other services (9%)
Strengthening Service Exports and Business Relations
The services sector is a key driver of Cyprus’s economic development. Enhancing the outward orientation of Cypriot service providers and promoting Cyprus as an International Business and Services Center is a top priority.
Recent years have seen a focus on education, with Cyprus participating in numerous education fairs and organizing promotional events for Cypriot universities in cities across Greece (Athens, Thessaloniki, Patras, Alexandroupoli, Heraklion, Chania, Kalamata, Karditsa, Trikala, Ioannina, Corfu, etc.).
Other sectors to be promoted in the coming two years include:
– Startups
– Artificial Intelligence (AI)
– Intellectual Property (IP)
This will be supported by Cypriot technocrats from public and private institutions.
Educational Missions in 2024:
In collaboration with the Cyprus Trade Center in Athens and the Cyprus Chamber of Commerce and Industry (CCCI), two educational missions took place:
– March 30 – April 3, 2024: Fairs in Athens, Ioannina, and Corfu.
– November 23–25, 2024: Events in Athens and Thessaloniki featuring 12 Cypriot higher education institutions.
The data suggests significant potential to enhance bilateral trade, particularly in services. The Trade Service is ready to work with Greek authorities on initiatives such as business missions to foster commercial cooperation.
These activities promote higher education and support the Republic of Cyprus’s goal to become a regional educational hub.
1.3 Investments
According to the Central Bank of Cyprus, inward FDI (stocks) from Cyprus to Greece as of December 31, 2023, was negative at -€2.90 billion due to accumulated losses by Cypriot companies in Greece. Conversely, outward FDI from Greece to Cyprus stood at €3.9 billion.
1.4 Main Activities of the Cyprus Trade Center in Athens
Founded in 1983, the Cyprus Trade Center in Athens promotes Cypriot products and services in the Greek market. It also covers Romania, Bulgaria, and Italy.
Key objectives:
– Promote bilateral trade in goods and services
– Position Cyprus as an international business and investment hub
– Identify and promote investment opportunities in Cyprus
– Provide information on business, investment plans, starting a business in Cyprus, and relevant laws
– Explore trade opportunities for Cypriot businesses in Greece and accredited countries
– Conduct market studies to help Cypriot businesses enter new markets
Exhibitions Participation
With government booths:
1. Food & Beverage Fair “Food Expo”
2. “Thessaloniki International Fair”
3. “Map of Flavors” Wine Exhibition – Thessaloniki
4. “OINORAMA” Wine Exhibition – Athens
With information booths:
1. Kavala Exhibition “KAVALA EXPO”
2. “Supply Chain and Logistics” Exhibition
3. Fruit & Vegetable Logistics Fair “FRESKON”
4. “BEYOND” Technology & Innovation Exhibition
Additionally, Cypriot manufacturers take part in specialized trade fairs under the “De minimis” support scheme for both agricultural and industrial sectors.
2. Industry and Technology Service
The Ministry of Energy, Commerce, and Industry recognizes entrepreneurship and industry as core pillars for economic growth. Promoting sustainable and competitive businesses and fostering innovation, technological advancement, and green economy development will boost employment and economic resilience.
Cyprus and Greece signed a Memorandum of Understanding on SMEs on November 28, 2014. Strengthening post-pandemic collaborations in key areas like renewable energy, intellectual property, and startups is critical.
Further cooperation is needed between Cypriot and Greek entrepreneurs in both traditional and emerging sectors to tackle future challenges such as energy and technological development.
Proposed actions:
– Entrepreneur exchange programs to foster mentorship and knowledge sharing
– Experience and best practice exchange for building a supportive innovation ecosystem
– Sharing incentive best practices under EU Structural and Investment Funds