Cyprus - Balance of payments



Since Cyprus has persistently imported more than it exports, it consistently runs a trade imbalance which has grown steadily over the past two decades. Cyprus' trade deficit has been somewhat offset by tourist dollars, spending by foreign military forces, and remittances from workers abroad.

The US Central Intelligence Agency (CIA) reports that the purchasing power parity of Greek Cypriot exports was $851 million in 2001 (f.o.b.), and Turkish Cypriot exports totaled $50.7 million, while Greek Cypriot imports totaled $3.5 billion in 2001, and Turkish Cypriot imports totaled $424.9 million, resulting in a trade deficit of $2.6 billion for the Greek Cypriot portion of the island, and a $374.2 million trade deficit for the Turkish Cypriot portion of the island.

The International Monetary Fund (IMF) reports that in 2001 Cyprus had exports of goods totaling $977 million and imports totaling $3.53 billion. The services credit totaled $3.35 billion and debit $1.19 billion. The following table summarizes Cyprus's balance of payments as reported by the IMF for 2001 in millions of US dollars.

Cyprus

Current Account -395
Balance on goods -2,550
Balance on services 2,168
Balance on income -34
Current transfers 22
Capital Account
Financial Account 846
Direct investment abroad -218
Direct investment in Cyprus 163
Portfolio investment assets -443
Portfolio investment liabilities 524
Other investment assets -541
Other investment liabilities 1,360
Net Errors and Omissions 161
Reserves and Related Items -612

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