1. CYPRUS - Pakistan Trade

2. CYPRUS WAS PAKISTAN’S 112ND LARGEST EXPORT DESTINATION IN 2018
RANK
COUNTRY
EXPORT VALUE (US$)
% SHARE IN TOTAL EXPORTS
World
23,630,893,000 1
United States of America
3,802,500,000
16% 2
China
1,818,069,000 8% 3
United Kingdom
1,728,637,000 7% 4
Afghanistan
1,347,934,000 6% 5
Germany
1,310,444,000 6
United Arab Emirates
983,575,000 4% 7
Netherlands
942,802,000 8
Spain
922,898,000 9
Bangladesh
783,825,000 3%
112
Cyprus
6,134,000
0.02%
EU is Pakistan’s largest export market and the UK is the most important export market within the EU

3. CYPRUS WAS THE 25TH LARGEST EXPORT DESTINATION WITHIN THE EU IN 2018
The EU is Pakistan’s largest export market representing 34% of exports
Cyprus accounted for 0.08% of total EU exports from Pakistan in 2018.
EU is Pakistan’s largest export market and the UK is the most important export market within the EU

4. CYPRUS RANKS NO. 108 IN PAKISTAN’S IMPORT SOURCES
COUNTRY
IMPORT VALUE (US$)
% SHARE IN TOTAL EXPORTS
World
60,162,862,000 1
China
14,544,687,000
24% 2
United Arab Emirates
8,668,637,000
14% 3
Saudi Arabia
3,242,349,000 5% 4
United States of America
2,946,715,000 5
Indonesia
2,502,372,000 4% 6
Qatar
2,386,183,000 7
Japan
2,273,024,000 8
India
1,928,465,000 3% 9
Thailand
1,430,727,000 2%
108
Cyprus
2,991,000
0.005%
EU is Pakistan’s largest export market and the UK is the most important export market within the EU

5. WITHIN THE EU, UK WAS THE SECOND HIGHETS EXPORTER TO PAKISTAN IN 2018
EU is Pakistan’s 3rd largest import partner after China and UAE.
Imports from the EU stood at $5.46 billion in 2018.
Cyprus accounts for 0.05% of Pakistan’s imports from the EU and 0.005% of total imports from the world.
The UK is the second most important import supplying market of Pakistan in the EU

6. PAKISTAN CYPRUS Trade Trends
Bilateral trade increased from US$ 6 Mn in 2014 to US$ 9 Mn in 2018 i.e. by 50% in four years
Pakistan’s exports to Cyprus rose by 20% during this period, thanks to 14% growth in 2014, post GSP+
Meanwhile, Cyprus’s exports to Pakistan rose by 200% during the last four years.
The trade balance in 2018 has reverted to about the same as in 2014.

7. PAKISTAN’S TOP 10 EXPORTS TO CYPRUS
HS CODE
DESCRIPTION
EXPORT VALUE 2016 (US$)
EXPORT VALUE 2017 (US$)
EXPORT VALUE 2018 (US$)
6302
Bedlinen, table linen, toilet linen and kitchen linen of all types of textile materials (excluding ...
3,085,000
3,502,000
3,815,000
1006
Rice
125,000
169,000
299,000
303
Frozen fish (excluding fish fillets and other fish meat of heading 0304)
51,000
451,000
216,000
6116
Gloves, mittens and mitts, knitted or crocheted (excluding for babies)
45,000
174,000
209,000
5210
Woven fabrics of cotton, containing predominantly, but < 85% cotton by weight, mixed principally ...
285,000
168,000
195,000
9404
Mattress supports (excluding spring interiors for seats); articles of bedding and similar furnishing, ...
27,000
123,000
126,000
6207
Men's or boys' singlets and other vests, underpants, briefs, nightshirts, pyjamas, bathrobes, ...
55,000
100,000
119,000
6105
Men's or boys' shirts, knitted or crocheted (excluding nightshirts, T-shirts, singlets and ...
76,000
54,000
114,000
9403
Furniture and parts thereof, n.e.s. (excluding seats and medical, surgical, dental or veterinary ... -
111,000
5208
Woven fabrics of cotton, containing >= 85% cotton by weight and weighing <= 200 g/m²
112,000
189,000
97,000

8. PAKISTAN’S TOP 10 IMPORTS FROM CYPRUS
HS CODE
DESCRIPTION
IMPORT VALUE 2016 (US$)
IMPORT VALUE 2017 (US$)
IMPORT VALUE 2018 (US$)
2530
Vermiculite, perlite and other mineral substances, n.e.s.
415,000
331,000
720,000
7204
Ferrous waste and scrap; remelting scrap ingots of iron or steel (excluding slag, scale and ...
488,000
338,000
643,000
3004
Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put ...
14,000
484,000
614,000
2933
Heterocyclic compounds with nitrogen hetero-atom[s] only -
609,000
533,000
7602
Waste and scrap, of aluminium (excluding slags, scale and the like from iron and steel production, ...
38,000
15,000
92,000
4707
Recovered "waste and scrap" paper or paperboard (excluding paper wool)
67,000
48,000
85,000
1901
Malt extract; food preparations of flour, groats, meal, starch or malt extract, not containing ...
60,000
7404
Waste and scrap, of copper (excluding ingots or other similar unwrought shapes, of remelted ...
1,000
2,000
40,000
8413
Pumps for liquids, whether or not fitted with a measuring device (excluding ceramic pumps and ...
20,000
36,000
2105
Ice cream and other edible ice, whether or not containing cocoa
34,000

9. ACTUAL EXPORTS IN 2018 (US$) POTENTIAL EXPORTS IN 2018 (US$)
Pakistan’s Theoretical Potential* for Additional Exports to Cyprus, 2017
Top 10 Potential Products (HS 06). Aggregate Theoretical Potential $9 Mn
HS CODE
DESCRIPTION
ACTUAL EXPORTS IN 2018 (US$)
POTENTIAL EXPORTS IN 2018 (US$)
271019
Medium oils and preparations, of petroleum or bituminous minerals, not containing biodiesel, ... -
235,930,000
520932
Woven fabrics of cotton, containing >= 85% cotton by weight and weighing > 200 g/m², in three-thread ...
22,000
166,635,000
520912
17,000
131,866,000
740319
Copper, refined, unwrought (excluding copper in the form of billets, wire-bars, cathodes and ...
128,090,000
521142
Denim, containing predominantly, but < 85% cotton by weight, mixed principally or solely with ...
80,510,000
300490
Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic purposes, ...
73,543,000
261000
Chromium ores and concentrates
69,509,000
520813
Woven fabrics of cotton, containing >= 85% cotton by weight and weighing <= 200 g/m², in three-thread ...
34,089,000
520922
31,496,000
610910
T-shirts, singlets and other vests of cotton, knitted or crocheted
10,000
22,904,000
8 of the 10 high potential exports already benefit from 0% tariffs under GSP+. The two products that don’t are rice and sugar which are unlikely to receive preferential treatment even under an FTA
*Theoretical potential from diverting Pakistan’s existing exports from other countries to meet Cyprus’s imports,
ignoring competitiveness and tariffs

10. ACTUAL IMPORTS IN 2018 (US$)
Pakistan’s Theoretical Potential* for Additional Imports from Cyprus, 2017
Top 10 Potential Products (HS 06). Aggregate theoretical potential is $6.9 BN
HS CODE
ACTUAL IMPORTS IN 2018 (US$)
POTENTIAL IMPORTS IN
2018 (US$)
271111
Natural gas, liquefied -
3,295,892,000
271012
Light oils and preparations, of petroleum or bituminous minerals which >= 90% by volume "incl. ...
773,477,000
720441
Turnings, shavings, chips, milling waste, sawdust, filings, trimmings and stampings of iron ...
585,063,000
890800
Vessels and other floating structures for breaking up
515,542,000
120510
Low erucic acid rape or colza seeds "yielding a fixed oil which has an erucic acid content ...
398,941,000
290243
P-Xylene
365,516,000
550410
Staple fibres of viscose rayon, not carded, combed or otherwise processed for spinning
315,774,000
300490
Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic purposes, ...
217,000
291,549,000
271019
Medium oils and preparations, of petroleum or bituminous minerals, not containing biodiesel, ...
267,901,000
291736
Terephthalic acid and its salts
171,703,000
In the high potential imports of Pakistan from the UK, most products already face tariffs similar to those faced by Pakistan’s FTA partners
*Theoretical potential from switching imports from existing sources to Cyprus exporters, ignoring competitiveness and
tariffs