Latest figures show that Greek Cypriot businesses are the net winners in Green Line trade, with Turkish Cypriots spending far more in the shops than the other way round, and making up for the lower sales of products flowing to the north.
In January-November, Turkish Cypriots spent EUR 15.6 mln using credit cards in the south, according to data from the credit card company, JCC, whereas Greek Cypriots spent only EUR 6.2 mln in “occupied areas and Attaleia”.
Even when product sales over the Green Line under the EU’s Green Line regulation are added, Greek Cypriots are still the net beneficiaries.
Green Line product sales from Greek Cypriots to Turkish Cypriots reached EUR 755,364 in the first 11 months.
This brought the total amount of money flowing from north to south to around EUR 16.3 mln in January-November.
Meanwhile, sales of products from Turkish Cypriots to Greek Cypriots reached EUR 5.3 mln in January-October, according to the Turkish Cypriot Chamber of Commerce, or an estimated EUR 5.5 mln in January-November, assuming that sales are evenly distributed throughout the months.
This would bring the total amount of money flowing from south to north to around EUR 12.1 mln.
Therefore, in the first 11 months of the year, Greek Cypriots netted around EUR 4.3 million from non-cash business across the Green Line.
And this is before including cash sales. If one assumes that card sales account for only 20% of the total, then the flows from north to south are EUR 63 mln and the flows from south to north are EUR 31 mln.
This means that the net gain to Greek Cypriots of Green Line trade could be as much as EUR 32 mln.
These figures do not of course include spending by tourists, nor the money flowing north as a result of Turkish Cypriots who work in the south.
It is understood that an analysis of the whole picture is being conducted by a bicommunal team that includes the economist Costas Apostolides, who has been studying Green Line trends since the crossing points first opened in April 2003.
The project is called Interdependence, is managed by the Cyprus Chamber of Commerce and Industry and the Turkish Cypriot Chamber of Commerce, and is funded by UNDP-ACT.
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