Cyprus Export, Import and Trade

By: EconomyWatch   Date: 30 June 2010

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Present condition of Cyprus trade

As of now condition of Cyprus export, import and trade sector has not been exactly positive as has been revealed by several reports. These reports state that since 2008 fiscal its contribution to Cypriot economy has been on negative side.

However, much of blame in this case concerning Cyprus import and export scenario could be attributed to global financial condition that is worsening at a rapid rate. This is especially true of tourism sector, which has been hampered to a significant extent.


Growth of Cyprus export and import

Cyprus export sector is in a state that is not exactly ideal. In 2009 rate of real growth of this sector was 1 percent. However, volume of Cyprus import has gone up at a rate of 10 percent in that same time frame. This has happened principally owing to good condition of demand for goods and services in Cyprus.

Export of goods of Cyprus has gone up at a significant rate. However, volume of services that are export oriented has gone down as a result of contraction in important areas like tourism for example. This situation is likely to continue in 2009 fiscal as well as has been revealed by various economic predictions.


Cyprus imports

Cyprus is regarded as being among biggest importers of agricultural goods from all over world. This is startling because over there farmers have more land than they perhaps need for cultivation, as far as some noted economists are concerned.


Cyprus export import 2008

In 2008 fiscal aggregate value of goods and services exported by Cyprus was in region of $1.53 billion. It primarily exported goods and services such as citrus fruits, cement, potatoes, clothing and pharmaceuticals.


At that same period total financial value of goods and services imported by Cyprus was about $8.689 billion. Prominent goods and services imported by Cyprus in 2008 were consumer goods, machinery, petroleum and other lubricants, transport equipments and intermediate goods.


Cyprus export and import partners

Traditionally Greece has been major export and import partner of Cyprus. In 2007 fiscal it amounted for 21.1 percent of total exports of Cyprus. At that same period it was responsible for 17.7 percent of goods and services imported by Cyprus. Some other important names in this regard are UK and Italy.


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