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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
2000, exports accounted for about 10,0 % of the
Country%26rsquo;s GDP.
The value of foreign
trade in 2000 was recorded at £2.994 m.,
experiencing an increase of 19% from the previous
year. This development was mainly due to the rise
in imports, which have shown an increase of 21,9%
reaching in 2000 £2.402 m., in comparison with
£1.971 m. in 1999. Total exports increased by 9%,
reaching £592 m., compared to £543 m. in
1999.
Imports
Total imports in
2000, totalled £2.401,9 m., as compared with
£1.970,9 m. in 1999, showing thus an increase of
21,9%.
Imports of consumer
goods and intermediate inputs (raw materials),
make up for most of total imports, accounting for
33,0% and 29,6% of total imports, respectively.
They are followed by fuels and lubricants
(12,9%), transport equipment (12,6%) and capital
goods (10,6%). In 2000, imports of raw materials
(intermediate inputs) reached £710,3 m. in
comparison with £611,4 m. in the previous year.
The overwhelming majority of the 2000 imports of
intermediate inputs were raw materials for the
manufacturing sector. Imports of consumer goods
have risen to £793,1 m, in comparison with £689,1
m. in the previous year. Imports of capital goods
have also risen, reaching £254,8 m., compared to
£199,7 m. in 1999.
Imports of transport
equipment and parts have increased and reached
£302,4 m. in 2000 compared to £251,7 m. in 1999.
Passenger motor vehicles accounted for nearly
half of total transport equipment imports,
followed by motor vehicles for the transport of
goods and parts for transport equipment. Finally,
imports of fuels and lubricants have almost
doubled, reaching £310,3 m. in comparison with
£173,5 m. in 1999, reflecting the high prices of
oil and the revaluation of the dollar in
2000.
The European Union
countries were in 2000, the major suppliers of
goods to Cyprus, accounting for 51,6% of total
imports. They provided goods valued at £1.239,2
m. as compared with £1.036,7 m. in 1999. The
major European Union countries exporting to
Cyprus were the United Kingdom, Greece, Italy,
and Germany.
Imports from other
European countries, including the former
socialist countriesaccounted in 2000 for 8,0% of total
imports. They have increased by 40,8% compared to
the previous year, reaching £192,3 m. from £136,5
m. in 1999. The major supplier from this group
was Russia followed by Switzerland and
Ukraine.
Imports from the
Arab countries account for about 5,5% of Cyprus“
total imports. During 2000, they have showed an
increase, reaching £132,3 m. compared to £91,4 m.
in 1999. Egypt, Syria and Saudi Arabia were the
major suppliers.
Imports from the
rest of the world, account for 34,9% of total
imports. They have also experienced an increase
in 2000 and have reached £838,2 m. from £706,3 m.
in 1999. Imports from the U.S.A., one of the
biggest suppliers of Cyprus have increased to
£249,3 m. as compared to £212,5 m. in the
previous year. Imports from Japan have also
experienced an increase in 2000 and have reached
£139,1 m. compared to £132,7 m. in 1999.
Domestic
Exports
During 2000 domestic
exports accounted for £224 m. They have
registered an increase of about 8,4% from the
previous year.
Exports of
manufactured products, which constitute the bulk
of Cyprus“ domestic exports with a 66,5% share in
2000, increased considerably and have risen to
£148,8 m., from £133,0 m. in 1999. Exports of
processed agricultural products, have also
registered an increase, reaching in 2000 £28,2 m.
from £25,3 m. in 1999 and representing 12,6% of
the total. On the other hand, domestic exports of
raw agricultural products have declined, falling
to £34,4 m. from £36,5 m. in 1999, representing
15,4% of the total.
Exports of
manufactured products (i.e. industrial products
of manufacturing origin) constitute the bulk of
Cyprus“ domestic exports and represent 66,5% of
total exports. In 2000 they have increased
considerably, accounting for £148,8 m. The major
products exported during 2000 were
pharmaceuticals (£30,9 m.), clothing (£22,5 m.),
cigarettes (£16,2 m.), cement (£10,8 m.),
furniture (£7,9 m) and footwear (£6,1 m.).
In 2000 exports of
raw and processed agricultural products accounted
for 15,4% and 12,6% of total domestic exports,
respectively. Specifically, during 2000, exports
of raw agricultural products have declined to
£34,4 m. from £36,5 m. in 1999. Potatoes and
citrus fruit were the most important products,
with exports valued at £12,3 m. and £12,8 m.,
respectively.
On the other hand
exports of processed agricultural products have
increased during 2000, reaching £28,2 m. from
£25,3 m. in 1999. Wines, halloumi cheese, and
fruit and vegetable juices are the main products
included in this group.
The European Union
countries constitute the major markets for
Cyprus. In 2000 they have absorbed 47,7% or
£114,8 m. of our country“ s domestic exports,
compared to £109,1 m. in 1999. The major E.U.
export market for Cyprus products is the United
Kingdom, followed by Germany and
Greece.
The Arab Countries
absorbed during 2000 about 24,7% of Cyprus“
exports. In 2000 exports to this group of
countries, reached £59,6 m., registering an
increase from the previous year, the value of
which was £52,9 m. Cyprus major markets in this
group include Lebanon, Saudi Arabia, Egypt,
Jordan and the United Arab Emirates.
Exports to other
European countries, comprising mostly of Eastern
European countries, reached £18,8 m. in 2000 and
account for about 7,8% of Cyprus domestic
exports. They have also registered an increase
from the previous year. During 1999, their value
was £15,3 m. The major export markets were
Norway, Albania, Romania, the Czech Republic,
Russia, Switzerland and Slovakia.
Domestic exports to
the rest of the world, mainly to Israel, the
U.S.A. and Hong Kong, increased slightly from
£29,2 m. in 1999 to £30,8 m. in 2000. Their share
to the total was 12,8%.
Shipstores accounted
for 7% of total domestic exports in 2000 and were
£16,8 m. compared with £8,7 m. in 1999.
A significant share
in foreign exchange earnings comes from
re-exports, which in 2000 amounted to £351,1 m.
The bulk of these re-exports were directed mainly
towards the countries of the European Union as
well as to other Central and Eastern European
countries. The main products involved are tobacco
and alcoholic beverages.
The Ministry of
Commerce, Industry and Tourism operates twelve
Trade Centres, situated in carefully targeted
markets. At present, the Ministry maintains
centres in Austria, the Czech Republic, Egypt,
France, Germany, Greece, Israel, the Russian
Federation, Sweden, the United Arab Emirates, the
United Kingdom, and the U.S.A. Their sole
responsibility is the promotion of exports of
goods and services. |
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