2020 Cyprus Country Report
The 2020 Cyprus Country Report features in-depth articles on the economy, foreign direct investment, international trade and headquartering as well as detailed sector profiles and insights from Cyprus’ 100 most influential political, economic and business leaders shaping the future of their country and its industries.
The 2020 Cyprus Country Report features in-depth articles on the economy, foreign direct investment, international trade and headquartering as well as detailed sector profiles and insights from Cyprus’ 100 most influential political, economic and business leaders shaping the future of their country and its industries.
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International Trade<br />
Quality<br />
Exports<br />
<strong>Cyprus</strong>’ strong track record of producing quality and soughtafter<br />
exports, coupled with the island’s strong EU trade links and<br />
unique position along key Mediterranean trade routes are further<br />
strengthening its longstanding reputation as a service centre<br />
providing exporters strong competitive advantages. Long-standing<br />
relationships with international export partners have also supported<br />
the development of the island and its transport infrastructure into<br />
a modern and efficient regional trading and transhipment hub.<br />
Potatoes<br />
73,635 tonnes<br />
€48.3 million<br />
Fruit & Veg<br />
Juices<br />
€36.3 million<br />
Star-Performing Exports (Volume / Value 2019)<br />
Pharmaceutical products<br />
increase by 36%<br />
Pharmaceuticals<br />
7,250 tonnes<br />
€300.9 million<br />
Fish<br />
5,896 tonnes<br />
€34.0 million<br />
Halloumi<br />
33,437 tonnes<br />
€223.6 million<br />
Meat<br />
4,086 tonnes<br />
€3.7 million<br />
Fastest Growing Exports (2015-2019)<br />
Halloumi<br />
increase by 117%<br />
Citrus Fruit<br />
20,787 tonnes<br />
€11.5 million<br />
Mineral Fuels<br />
634,131 tonnes<br />
€345.6 million<br />
Mineral Fuel and Oils<br />
increase by 270%<br />
<strong>Cyprus</strong><br />
domestic<br />
exports<br />
registered a<br />
steady and<br />
remarkable<br />
increase reaching 131.3%<br />
from 2010 to 2019. Domestic<br />
exports of products (excluding<br />
petroleum products) marked<br />
a growth of 3.7% compared to<br />
2018, reaching €965 million.<br />
The total export of services<br />
marked an increase of 4.1%<br />
reaching €12.3 billion in<br />
2019, revealing the positive<br />
future prospects of the <strong>Cyprus</strong><br />
services sector. The current<br />
world health crisis reduced<br />
economic activity and has had<br />
significant negative impact on<br />
trade flows worldwide. <strong>Cyprus</strong><br />
export performance for <strong>2020</strong><br />
is unavoidably affected by the<br />
pandemic and a decline is<br />
expected on trade flows. Any<br />
estimation for the year ahead<br />
is subject to a high degree<br />
of uncertainty linked to the<br />
duration of the outbreak. The<br />
immediate goal is to mitigate<br />
damages with effective,<br />
rapid and vigorous policy<br />
decisions and measures,<br />
laying the foundations for the<br />
recovery. The government<br />
is fully committed to<br />
support export promotion<br />
and development aiming at<br />
increasing growth, employment<br />
and competitiveness.<br />
Panayiota Patsali<br />
Trade Director<br />
Ministry of Energy,<br />
Commerce and Industry<br />
46 <strong>Country</strong> <strong>Report</strong> CYPRUS <strong>2020</strong>
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