Trade Relations between Cyprus – Greece 2019

  1. Trade of Products

Total trade between Cyprus and Greece amounted to € 1.9 billion in 2019, remaining at the same levels as in 2018.

For the period January – December 2019:

Exports:          € 86.9 million
Re-exports:     € 148.5 million
Imports:          € 1,669 million

  2016 2017 2018 2019  

% Change 2018/19

Domestic Exports 62,265 75,308 86,791 86,918 0.14
Re-exports 211,182 154,150 228,768 148,507 -54.0
Total Exports 273,446 229,458 315,560 235,425 -34.5
Total Imports 1,271,413 1,533,698 1,584,903 1,669,046 5.3
Total Trade 1,544,860 1,763,156 1,900,463 1,904,471 0.21
Trade Balance -997,967 -1,304,240 -1,269,344 -1,433,621 -12.9

Table 1: Trade between Cyprus and Greece in 000’s

Source: Cyprus Statistical Service

  1. Domestic Exports

    2015 2016 2017 2018 2019 %

change 2018/2019

 HS Total 54,259 62,265 75,308 86,791 86,918 0.14
72 Iron and steel. 12,195 9,227 14,376 17,020 18,128 6.5
07 Edible vegetables and certain roots and tubers. 11,741 14,983 15,112 15,432 17,675 14,6
30 Pharmaceutical products. 3,875 5,862 6,292 11,027 11,837 7,1
04 Dairy prod; birds’ eggs; natural honey; edible prod nes 5,528 6,458 8,103 10,601 11,101 4.8
99 Unclassified trade 0 1,505 7,275 6,234 4,575 -36.5
Other 20,921 24,230 24,151 26,477 23,602 -12.2

Exports of Cypriot products to Greece increased marginally by 0.14% in 2019 compared to 2018. Main products exported were iron and steel, vegetables, pharmaceuticals and halloumi.

Table 2: Domestic Exports from Cyprus to Greece in 000’s

Source: Cyprus Statistical Service

 

            Imports in 2019 recorded an increase of 5.3% compared to 2018 and reached € 1.669 billion.

 HS   2015 2016 2017 2018 2019 %

change 2017/2018

  Total   1,303,539 1,271,413 1,533,698 1,584,903 1,669,046 5.3
27 Mineral fuels, oils & product of their distillation;etc 431,954 331,996 449,207 385,440 368,427 -4.6
85 Electrical mchy equip parts thereof; sound recorder etc 83,490 75,275 92,363 114,125 137,081 20.2
84 Machinery, boilers, mechanical appliances, engines, pts 61,620 70,517 78,165 85,997 89,055 3.5
30 Pharmaceutical products. 66,201 71,085 76,073 82,002 96,874 18.2
72 Iron and steel. 25,820 30,215 45,346 68,779 42,904 -60
Other 634,453 692,325 792,543 848,561 934,705 10.1

Table 3: Total Imports from Greece  in 000’s

Source: Cyprus Statistical Service

  1. Trade in Services

Exports of services to Greece amounted to € 385 million in 2018 while imports to € 715 million

Exports of services from Cyprus 2018
Total Exports of Cyprus in € mil. 11,836 %
Greece 385 3.3
Imports of services to Cyprus 2017
Total Imports of Cyprus in € mil. 6,997 %
Greece 715 10.2

Table 4: Trade in Services Cyprus – Greece  in 000’s

Source: Cyprus Statistical Service

  1. Investments

The total amount of investments by Greek investors in Cyprus until 2018 was along with a negative sign, i.e. withdrawal of funds of € -4.8 billion. The total amount of Cypriot investments were € 22.2 billion.

                              FDI – Flows in 2018 in € mil. FDI – Stocks in 2018 in € mil.
  Outward FDI by residents of Cyprus Inward FDI from non residents Outward FDI by residents of Cyprus Inward FDI from non residents
Total -1,823 5,478 381,530 374,172
Greece 795 98 -4759 2223

Table 5: Foreign Direct Investments for 2018 in 000’s

Source: Cyprus Statistical Service