Trade Relations between Cyprus – Greece 2019
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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
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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
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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
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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