Cyprus–US trade ties: Limited exports, rising imports

The trade impact on Cyprus from the tariffs announced by US President Donald Trump on products originating from the EU is expected to be manageable, due to the limited volume of Cypriot exports to the US.

However, the same can’t be said for imports of American products into the Cypriot market, which are significant following a sharp increase over the past year; though this fact does not currently appear to negatively affect Cyprus.

• Read more: "It's our declaration of economic independence," Trump says announcing reciprocal tariffs

Cyprus’ exports to the US

According to data from the Statistical Service, domestic exports of Cypriot products to the United States reached €23.6m in 2024, with a net weight of 7,303 tons—marking a 16.2% annual decline compared to €28.1m in 2023.

Cyprus’ top export product to the US is halloumi, with a value of €9.6m last year, followed by electrical machinery and equipment, which totalled €5.42m.

In 2024, cocoa and cocoa preparations worth €1.52m were exported from Cyprus to the US, as well as mineral products (including salt, sulphur, cement, and lime) worth €1.51 million.

• Read more: Cyprus' first reaction to Trump tariffs: “Highly worrying development, undermines trade relations”

Other Cypriot export products to the US included:

• Fish (€709,195)
• Preparations of vegetables, fruits, and nuts (€667,495)
• Animal or vegetable fats and oils (€637,066)
• Beverages, spirits, and vinegar (€625,370)
• Toys (€588,781)

Additionally, pharmaceuticals from Cyprus worth €455,863 also made their way to the US in 2024.

• Read more: Tassos J. Yiasemides: Cyprus' exports to the US are limited, but vigilance is required

Products imported to Cyprus from the US
As for imports of products from the United States to Cyprus, they soared to €246.4m in 2024, marking an 84.3% increase compared to €133.6m in 2023.

Among the products arriving in the Cypriot market from the US are nuclear reactors and boilers valued at €11.25 million, cinematographic, optical, and medical or surgical equipment worth €8.27 million, beverages, spirits, and vinegar amounting to €8 million, as well as electrical machinery and equipment valued at €6.92 million.

• Read more: Michael Konstantinou: Trump's tariffs "worse than the market expected across the board"

In 2024, imports of mineral fuels and mineral oils from the US to Cyprus amounted to €6m. The Cypriot market also received American artworks worth €4.34m and vehicles totalling €4.26m. These were followed by essential oils, resinoids, and cosmetics valued at €4.13m, fruits and nuts at €3.53 million, and chemical products at €3.22 million.

Additionally, last year's imports of American products into the Cypriot market included prepared animal feed (€2.9 million), books and newspapers (€2.42 million), plastics (€1.8 million), and pharmaceutical products (€1.35 million).