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 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.
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.
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.