Spain-Cyprus Bilateral Trade Analysis 2023
Complete trade statistics: $1.02B total volume •Spain surplus: $799.65M
Spain → Cyprus
$909.38M
Exports (2023)
Cyprus → Spain
$109.73M
Imports (2023)
Trade Balance
$799.65M
Surplus for Spain
Total Trade
$1.02B
Combined Volume
Trade Flow Visualization
Direct trade relationship between Spain and Cyprus. Green line shows exports from Spain, red line shows imports.
Detailed Product Trade Analysis
Comprehensive breakdown of trade flows by product category, revealing the specialized nature of the Spain-Cyprus commercial relationship and competitive positioning in global markets.
Spain → Cyprus Exports
Export Market Intelligence
🎯 Strategic Export Focus
Spain's export portfolio to Cyprus demonstrates strategic specialization, with oils and other products of the distillation of high temperature coal tar: n.e.c. in heading no. 2707 representing a key competitive advantage in this bilateral market.
Cyprus → Spain Imports
Import Dependency Profile
📦 Import Strategy Analysis
Spain's import pattern from Cyprus reveals significant dependencyin vessels: n.e.c. in heading no. 8901, for the transport of goods and other vessels for the transport of both persons and goods, highlighting complementary economic structures and potential supply chain optimization opportunities.
Competitive Trade Position Analysis
Market Leadership
Spain demonstrates competitive strength in exportingoils and other products of the distillation of high temperature coal tar: n.e.c. in heading no. 2707 to Cyprus, leveraging comparative advantages.
Trade Complementarity
The bilateral relationship showsmoderatecomplementarity, with each country specializing in different sectors.
Growth Potential
The $1.02B trade volume indicates substantial economic integration with room for expansion in emerging sectors.
Executive Summary: Spain-Cyprus Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $1.02 billionrepresenting a significant bilateral economic relationship
- Trade Balance: Spain maintains a surplus of $799.65 million
- Export Focus: Spain's primary exports include oils and other products of the distillation of high temperature coal tar: n.e.c. in heading no. 2707, petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils, vessels: n.e.c. in heading no. 8901, for the transport of goods and other vessels for the transport of both persons and goods
- Import Dependencies: Key imports from Cyprus include vessels: n.e.c. in heading no. 8901, for the transport of goods and other vessels for the transport of both persons and goods, petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils, vegetable oils: sunflower seed or safflower oil and their fractions, crude, not chemically modified
Strategic Trade Indicators
📈 Market Position: This bilateral trade relationship represents an important regional trade partnerships, with complementary economic strengths driving sustained commercial exchange.
Historical Trade Analysis & Economic Context
Trade Evolution Timeline
2019-2023: Recent Trends
Current trade volume of $1.02B represents the culmination of evolving bilateral commercial relationships, influenced by global supply chain shifts and changing economic priorities.
2015-2019: Growth Period
Sustained expansion in bilateral trade driven by complementary economic structures, with Spain leveraging its comparative advantages in oils and other products of the distillation of high temperature coal tar: n.e.c. in heading no. 2707.
2010-2015: Foundation Building
Establishment of modern trade frameworks and reduction of barriers, facilitating increased commercial exchange and investment flows between the two economies.
Pre-2010: Early Development
Initial stages of bilateral trade relationship development, with focus on traditional export-import patterns and gradual market integration.
Key Economic Drivers
Comparative Advantage
Spain's specialization in oils and other products of the distillation of high temperature coal tar: n.e.c. in heading no. 2707complements Cyprus's demand patterns, creating natural trade synergies.
Supply Chain Integration
Deep integration in global value chains has strengthened bilateral linkages, particularly in vessels: n.e.c. in heading no. 8901, for the transport of goods and other vessels for the transport of both persons and goods.
Market Access & Trade Policy
Favorable trade agreements and market access conditions have facilitated the growth of this $1.02B bilateral relationship.
Trade Pattern Insights
Trade Relationship Outlook
The $1.02B bilateral trade volume positions this relationship for continued growth, supported by technological advancement, evolving consumer preferences, and strengthening economic ties. Key opportunities lie in expanding cooperation in emerging sectors while managing potential supply chain vulnerabilities.
Economic Impact & Strategic Outlook
Economic Impact Assessment
Trade Volume Impact
The $1.02 billion bilateral trade volume represents a important trade relationshipfor both economies.
Industrial Integration
Trade flows in oils and other products of the distillation of high temperature coal tar: n.e.c. in heading no. 2707 and vessels: n.e.c. in heading no. 8901, for the transport of goods and other vessels for the transport of both persons and goods demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
Spain's trade surplus of $799.65 million strengthens its overall economic position in this bilateral relationship.
Strategic Future Outlook
🚀Growth Opportunities
⚠️Risk Factors
🎯Strategic Recommendations
- Strengthen cooperation in high-value sectors beyond current trade patterns
- Develop alternative supply chains to reduce dependency risks
- Explore joint ventures in emerging technology sectors
- Enhance trade facilitation and reduce transaction costs
Market Position & Competitive Summary
The bilateral trade relationship between Spain and Cyprus represents a total trade volume of $1.02 billion in 2023. This partnership demonstrates a favorable trade balance for Spain, with exports exceeding importsby $799.65 million.
Export Strengths
Spain's exports to Cyprus total $909.38 million, with competitive advantages in oils and other products of the distillation of high temperature coal tar: n.e.c. in heading no. 2707, representing $247.42M or27.2% of bilateral exports.
Import Dependencies
Imports from Cyprus amount to $109.73 million, highlighting economic interdependence in vessels: n.e.c. in heading no. 8901, for the transport of goods and other vessels for the transport of both persons and goods, with Vessels: n.e.c. in heading no. 8901, for the transport of goods and other vessels for the transport of both persons and goods comprising37.6% of total imports.
The trade relationship reflects broader economic patterns and comparative advantages. The trade surplus indicates Spain's competitive position in this bilateral relationship. This partnership is characterized by complementary trade flows, with each country specializing in different product categories based on their respective economic strengths, industrial capabilities, and position in global value chains.
Download Bilateral Trade Data
Access detailed trade data between Spain and Cyprus in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023