Cyprus Import Trade Data: $14.26B in 2023, Up 20.0%

Greece Alone Supplies More Than a Fifth of Cyprus's Imports

Cyprus imported $14.26 billion worth of goods in 2023. That was up 20.0% from $11.89 billion the year before. Greece supplied 22.0% of that total on its own, worth $3.13 billion. No other single country came close. Greek products rank first among goods bought into Cyprus. That relationship is built on shared EU membership, a common language, and decades of banking, retail, and construction investment flowing between the two countries. Because both countries sit inside the EU customs union, goods move between them without the tariffs or border checks that shape trade with most of Cyprus's other partners. Removing petroleum products from the picture, Greece is also the second-largest destination for Cypriot exports. That points to a trading relationship that runs deep in both directions, not just one.

United Kingdom ranked second, providing 10.1% of imports, worth $1.44 billion. Britain retained sovereignty over two military base areas on Cyprus, Akrotiri and Dhekelia, when the island gained independence in 1960. Commercial ties between the two countries never fully receded after the colonial period ended. A dedicated Cyprus-UK Business Association still works to strengthen trade between the two countries today, and a large British resident and tourist population on the island keeps demand for familiar UK brands and goods higher than the country's size alone would suggest. Italy followed at 7.8% ($1.11 billion), reflecting Italy's own position as a major Mediterranean manufacturing and design exporter. Together, Greece, the United Kingdom, and Italy accounted for 39.9% of everything Cyprus imported in 2023, a much higher concentration than Cyprus shows on the export side, where the top three destinations combine for barely a third of export value.

Fuel and Ships Lead an Import Bill That Also Feeds Cyprus's Shipping Industry

Mineral fuels topped Cyprus's import categories in 2023, worth $3.14 billion, or 22.0% of total import value. Ships, boats and floating structures ranked second at 13.4% ($1.91 billion). The same maritime economy that anchors Cyprus's export list shows up here too. A shipping and bunkering hub the size of Cyprus's needs a steady flow of fuel and vessel parts too, not just outgoing shipments. That keeps ships serviced as they pass through the Eastern Mediterranean. Vehicles followed at 8.0% ($1.14 billion), and machinery and mechanical appliances added 5.6% ($795.8 million).

Electrical machinery contributed 5.1% ($728.6 million). Pharmaceutical products added 3.6% ($511.1 million), and plastics a further 2.1% ($302.8 million). Iron and steel took 1.8% ($262.2 million). Beverages, spirits and vinegar contributed 1.7% ($241.4 million), and furniture, lighting, and prefabricated buildings closed out the top ten at 1.6% ($233.3 million). Outside of fuel and ships, no single category makes up much more than one-twentieth of the import bill. That points to an economy that buys broadly across consumer and industrial goods, rather than depending narrowly on a handful of products. Cyprus has fewer than a million residents and limited heavy industry of its own. It relies on imports to cover most manufactured goods, from vehicles and machinery down to furniture and packaged food. Its own production, by contrast, stays concentrated in services, shipping, and a narrow set of export categories.

China, Germany, and a Five-Year Climb That Barely Paused

China ranked fourth among suppliers at 5.8% ($830.7 million), and Germany followed closely at 5.7% ($815.0 million). Spain added 5.0% ($706.7 million). A further 4.8% ($678.0 million) is recorded under unspecified sources in the trade data. That category covers shipments where the reporting country does not disclose a specific origin, the same pattern that shows up across several of Cyprus's trade figures. Israel supplied 4.5% ($637.4 million). Geography plays a role there, but so does a newer energy relationship. Cyprus's own offshore Aphrodite gas field is being developed jointly with Israeli energy company NewMed, alongside Chevron and Shell. Netherlands and Japan rounded out the top ten, at 3.6% ($514.6 million) and 2.3% ($328.1 million) respectively.

Cyprus's imports have grown in four of the last five years. The total stood at $9.18 billion in 2019. It slipped to $8.73 billion in 2020, as the pandemic cut into shipping activity and consumer demand alike. Imports then climbed to $10.32 billion in 2021, $11.89 billion in 2022, and $14.26 billion in 2023. Only 2020 broke the pattern, and even that dip was mild next to the growth that followed it. For a closer look at how individual partner countries or product categories moved year over year, the data panels above provide the full detail behind these figures.