Wood fuel market in Cyprus

Earlier Report Observations

The wood fuel market in Cyprus began a period of growth from 2018, supported by the entry of the first dedicated commercial supplier, Woodenergy Co. Ltd, which expanded the availability of solid fuels from wood biomass. Environmental awareness and the use of wood residues gained traction, and in 2020 the WOOD-BIOMASS project provided assessments to inform policy, further supporting market development. The COVID-19 pandemic during that year likely influenced residential energy consumption patterns, contributing to increased demand and pushing the total market volume to over 38 800 m³ by 2020.

Market expansion accelerated sharply in 2022, reaching a peak of nearly 48 700 m³. This surge was primarily driven by the steep rise in conventional fuel prices following the outbreak of war in Ukraine, which made wood fuel a more cost-competitive heating alternative for consumers. Government monitoring of energy costs intensified amid the price shock, reinforcing the shift in demand.

The market contracted in 2023 to around 34 800 m³, as higher costs for timber and building materials raised production expenses. Simultaneously, concerns over drying forests in Cyprus threatened the sustainable supply of wood raw material. Into 2024, continued global energy price volatility maintained pressure on the market, with imports remaining below the levels seen during the 2022 peak.

Production wood fuel in Cyprus

In kind, 2017-2020, m³

Top producers of wood fuel, 2017-2020

World map of production of wood fuel, 2017-2020

Wood fuel production in Cyprus has declined for the third year in a row. In 2020, Cyprus produced 6,356 m³ of wood fuel, which represents a 13.9% decrease compared to the previous year. From 2017 to 2020, production fell by 53.3%, translating to an average annual decline of 22.4%.

Annual dynamics of production in Cyprus in kind, 2017-2020, m³

Exports wood fuel from Cyprus

Exports in kind, m³

The market exhibited significant volatility during the observed period. Exports reached their lowest point in 2017 and peaked in 2018, with a staggering 34,291-fold difference between these years. In 2020, Cyprus exported 3 m³ of wood fuel, marking a sharp 44.1% contraction from 2019. The highest export volume was recorded in 2018 at 53 m³. The largest decline occurred in 2019, dropping by 88.2%, while the most substantial increase was in 2018, soaring by 3,429,000.0%.

Annual dynamics of product's exports from Cyprus in kind, 2017-2020, m³

From 2017 to 2020, the export pattern in kind showed a heavy reliance on Egypt, which accounted for 99.4% of total exports.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Cyprus in kind, 2017-2020

Exports in value, K $ US

The data indicates irregular fluctuations, pointing to a volatile market environment. A 550-fold variation was observed between the minimum in 2017 and the maximum in 2018. In 2020, Cyprus's wood fuel exports in value terms reached 2,000 US dollars, down by 6.2% from the previous year. The peak value was recorded in 2018 at 19,000 US dollars. The largest decline happened in 2019, falling by 88.8%, while the biggest increase was in 2018, rising by 54,944.9%.

Annual dynamics of product's exports from Cyprus in value, 2017-2020, K $ US

Throughout 2017 to 2020, Egypt dominated the export structure in value terms, holding a 96.8% share of total flows.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Cyprus in value, 2017-2020

Imports wood fuel to Cyprus

Imports in kind, m³

Cyprus's wood fuel imports have increased for the second consecutive year. In 2020, imports amounted to 32,463 m³, up by 17.5% year-over-year. Between 2017 and 2020, imports grew by 7.3%, equivalent to an average annual rate of 2.4%. The lowest import volume was in 2018 at 24,526 m³, which also saw the largest decline of 18.9%.

Annual dynamics of product's imports to Cyprus in kind, 2017-2020, m³

From 2017 to 2020, Egypt (20.9% of imports in kind), Namibia (20.2%), and Nigeria (13.3%) remained the primary suppliers of wood fuel to Cyprus, together constituting 54.4% of total imports in kind.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Cyprus in kind, 2017-2020

Imports in value, K $ US

Foreign wood fuel supplies to Cyprus have risen for the second year in a row. In 2020, imports totaled 9,545,000 US dollars, reflecting a 16.7% improvement over the past year. Over the period from 2017 to 2020, imports increased by 19.3%, with a compound annual growth rate of 6.1%. The minimum value was recorded in 2018 at 7,561,000 US dollars, which also experienced the largest decline of 5.5%.

Annual dynamics of product's imports to Cyprus in value, 2017-2020, K $ US

From 2017 to 2020, Namibia (24.5% of imports in value terms), Egypt (19.2%), and Nigeria (11.9%) consistently led the import structure in value terms, jointly accounting for 55.7% of total flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Cyprus in value, 2017-2020