Cyprus’ exports in 2009 accounted for approximately 6% of GDP, while exports of industrial products corresponded to the largest volume of products exported, with a share of 61%.
Minister of Commerce, Industry and Tourism, Antonis Paschalides, has said here today that the major categories of industrial products exported concerned pharmaceutical products, light emitting diodes, recycling products and cigarettes.
According to Paschalides exports of unrefined and processed agricultural products accounted for 34% of total domestic exports. The main unrefined agricultural products exported in 2009 were potatoes and citrus fruit, while halloumi cheese, fruit and vegetable juices and meats were the main processed agricultural products exported by Cyprus.
Paschalides said that there was a notable increase in exports of halloumi cheese, which amounted in 2009 to 41.2 million euro, an increase of 18% in comparison with the previous year.
The Minister said that the European Union countries are the main export markets of Cyprus. In 2009 exports to the EU accounted for 59% of domestic exports. The main markets were Germany, Greece, the United Kingdom and Italy.
The second large group of countries is the Middle East, which absorbed approximately 14% of Cypriot exports. The major markets are Israel and the United Arab Emirates.
The Minister of Commerce reported that exports of services amounted to 7 billion euro in 2009, adding that the last two decades, the service sector, including tourism, has presented a high growth and is now considered to be the driving force for further development of the economy.
He noted that professional and business services concern a wide range of economic activities including, inter alia, legal and accounting services, stock exchange and insurance services, health and wellness, educational services, shipping and ship management, travel and tourism services and IT and communications.
According to Paschalides, the central objective of Ministry’s efforts is to create a new, healthy environment in which trade can give impetus for further development of Cyprus economy.
To this end, the primary objective of the Ministry is the development of Cypriot exports of goods and services through the implementation of a comprehensive program of actions which includes the operation of eleven trade centers, under the auspices of the Ministry, in selected foreign markets.
Paschalides added that the Ministry of Commerce is working for the promotion of Cyprus as an international business center and service center in foreign markets.
