Focus on foreign trade

Cyprus, due to its small domestic market and the open nature of its economy, considers access to international markets as of utmost importance. As a result, trade has always been one of the main sectors of the Cyprus economy, contributing considerably to the economic growth of the island. During 2001, exports accounted for about 11 % of the Country’s GDP.


The value of foreign trade in 2001 was recorded at £3.157 m., experiencing an increase of 5,4% from the previous year. This development was mainly due to the rise in imports, which have shown an increase of 5,3% reaching in 2001 £2.529 m., in comparison with £2.402 m. in 2000. Total exports increased by 6%, reaching £628 m., compared to £592 m. in 2000. (Table 1 ).

EXTERNAL TRADE 1997- 2001
Table 1	1997	1998	1999	2000	2001	2000-2001 Change %
Domestic Exports(1)	219.754	221.337	215.212	240.762	246.990	2,6
Re-exports (2)	420.260	329.797	327.707	351.102	381.039	8,5
Total Exports	640.015	551.134	542.919	591.864	628.029	6,1
Total Imports	1.899.339	1.904.710	1.970.905	2.401.926	2.528.720	5,3
Total Trade	2.539.354	2.455.844	2.513.824	2.993.790	3.156.749	5,4
Source: Imports and Export Statistics. Department of Statistics and Research. Ministry of Finance.
Notes:
(1) Including shipstores of domestic produce			(2) Including shipstores of foreign produce
(3) Because of rounding there may be slight discrepancies between the totals shown and the sum of constituent items.

 

Total imports in 2001, reached £2.529 m., as compared with £2.402 m. in 2000, showing thus an increase of 5,3%.

Imports of consumer goods and intermediate inputs (raw materials), make up for most of total imports, accounting for 31,4% and 29,1% of total imports, respectively. They are followed by transport equipment (13,0%), fuels and lubricants (12,0%), and capital goods (10,7%). In 2001, imports of raw materials (intermediate inputs) reached £737 m. in comparison with £710 m. in the previous year. The overwhelming majority of the 2001 imports of intermediate inputs were raw materials for the manufacturing sector. Imports of consumer goods have risen slightly to £793,2 m, from £793,1 m. in the previous year. Imports of capital goods have also risen, reaching £ 269,6 m., from £254,8 m. in 2000.



Imports of transport equipment and parts increased and reached £329 m. in 2001 compared to £302,4 m. in 2000. Passenger motor vehicles accounted for nearly half of total transport equipment imports, followed by parts for transport equipment and motor vehicles for the transport of goods. Finally, imports of fuels and lubricants declined to £302,5 m. from £310,3 m. in 2000. (Table 2 ).

TABLE 2: TOTAL IMPORTS BY GROUP OF PRODUCTS 1997- 2001
					(CYP000)
	1997	1998	1999	2000	2001	%
Consumer Goods	704.410	650.679	689.089	793.111	793.223	31,4
Itermediate Inputs	603.849	655.689	611.385	710.257	736.688	29,1
Transport Equipment	173.689	245.150	251.713	302.433	328.866	13,0
Fuels and Lubricants	157.279	125.826	173.532	310.252	302.471	12,0
Capital Goods	164.381	213.116	199.684	254.771	269.550	10,7
Unclassified	95.731	14.254	45.506	31.106	97.922	3,9
Total Imports	1.899.339	1.904.714	1.970.909	2.401.930	2.528.720	100,0
Source: Imports and Export Statistics. Department of Statistics and Research. Ministry of Finance.
TABLE 3: TOTAL IMPORTS BY COUNTRY GROUPS 1997- 2001
					(CYP000)
	1997	1998	1999	2000	2001	%
European Union	903.161	1.042.465	1.036.700	1.239.206	1.284.576	50,8
Asia	303.001	384.787	404.231	503.918	510.399	20,2
North and Central America	367.924	250.474	223.639	259.075	246.388	9,7
Other European Countries	153.814	137.605	136.527	192.249	205.558	8,1
Arab Countries	44.370	47.377	91.394	132.276	134.600	5,3
Other	127.069	42.006	78.418	75.206	147.199	5,8
Total Imports	1.899.339	1.904.714	1.970.909	2.401.930	2.528.720	100,0
Source: Imports and Export Statistics. Department of Statistics and Research. Ministry of Finance.

The European Union countries continued in 2001 to be the biggest suppliers of goods to Cyprus, providing 50,8% of total imports, or goods valued at £1.1285 m. as compared with £1.239 m. in 2000. The major European Union countries exporting to Cyprus were the United Kingdom, Greece, Italy, and Germany.

The second most important group of suppliers in 2001 were the Asian countries, that supplied Cyprus with goods valued at 510,4 m. or 20,2% of the total. Japan, Israel, China, Thailand, Taiwan and South Korea were the most important suppliers. Imports from Japan, the biggest supplier from the Asian countries increased to £154 m. in 2001 from £139 m. in 2000.

Imports from North and Central America declined from £259 m. in 2000 to £246,4 m. in 2001 (9,7% of the total). Imports from the U.S.A., one of the biggest suppliers of Cyprus, and the main in this group, declined to £238 m. as compared to £249 m. in the previous year.

Imports from other European countries, including the former socialist countries represented in 2001 8,1% of total imports. They increased slightly from the previous year, reaching £206 m., from £192 m. in 2000. The major supplier from this group was Russia followed by Ukraine and Switzerland.

Imports from the Arab countries represent about 5,3% of Cyprus΄ total imports. During 2001, they increased, reaching £134,6 m. from £132,3 m. in 2000. Egypt, Syria and Saudi Arabia were the major suppliers.

Imports from the rest of the world, account for 5,8% of total imports. They have also increased in 2001, almost doubling, to £147 m. compared to £75 m. in 2000. Argentina, Brazil and South Africa are the most important suppliers in this group.
(Table 3 Above).

During 2001 domestic exports reached £234 m.
 They had registered an increase of about 4,5% from the previous year.

Source: Imports and Export Statistics. Department of Statistics and Research. Ministry of Finance.

I now read ; For the period January-November 2016, total exports accounted for €1.57 million, 40% of which consisted of exports to EU member states. (cyprusprofile.com/en/international-trade)
 

So am I as thick as a brick or have we managed to half our exports ?

[ Cyprus Trade ]