Cyprus is an island republic in the Mediterranean with a trade-based economy based on shipping, oil, and medicines. Nicosia is the capital and the administrative center of the nation. According to Cyprus export data, Cyprus, which has a population of around 1.24 million and a GDP of about USD 38.7 billion, had total exports of USD 4.50 billion in 2024, resulting in a trade imbalance of almost USD 8.93 billion.