Economic Relations Between Saudi Arabia and Cyprus and the objectives
Trade between the Kingdom and Cyprus experienced a decrease in 2019 and 2020, dropping to about $37 million in both years, down from $46 million in 2018—a decrease of 20%. However, trade gradually picked up in the following two years, rising to $44 million and $66 million respectively.
Key observations during this period include:
Exports from the Kingdom to Cyprus: Exports remained stagnant from 2019 to 2021 at around $8 million, before increasing to $11 million in 2022.
Imports to the Kingdom from Cyprus: Imports escalated from $30 million in 2015 to $55 million in 2022, marking an 83.3% increase.
Trade Balance: The trade balance consistently favored Cyprus, with the Kingdom experiencing a continual trade deficit from 2018 to 2022, which significantly widened from $14 million in 2018 to $45 million in 2022.
Rankings in Trade Partnerships in 2022: Cyprus ranked 109th among the Kingdom's trading partners in terms of exports, 102nd in non-oil exports, and 84th in imports.
The main exports include:
Plastics and articles thereof
Paper and cardboard; articles made from paper pulp
The main imports include:
Dairy products, bird eggs, natural honey; other edible products
Pharmaceutical products
Boilers, machinery, mechanical appliances, and their parts
