Trade of Products
Exports of Cyprus products during the period January – June 2014 amounted to € 0,4 billion, an increase of 3% compared to the same period last year. Increase was recorded in domestic gold exports (+ 115%), dairy products (19%), cement (+ 35.6%) and fruit juices (+ 17.7%) while decrease was recorded in domestic exports of potatoes (-21.1% ), citrus fruits (-31%), fish (-8.5%), pharmaceuticals (-0.6%), scrap metals (-11.1%), etc. Domestic exports excluding gold were reduced by 2.86% in 2012, an increase of 12.07% in 2013 and a decrease of 1.44% in January – June 2014.In period January – June 2014, domestic exports fell in all major destinations for Cypriot products, for example Greece (-18.8%), China (-3.8%), Germany (-8.9%), Italy (-9.4%), Egypt (-30.3%), Russia (-38.5%) and Sweden (-6%) while growth was recorded in domestic exports in UK (+ 29.2%) and Israel (+ 46.2%).
Total imports amounted to € 2,4 billion, an increase of 3.6%. Due to reduction in re-exports amounting to 11.1%, total exports were decreased by 4.4% while total trade was increased by 1.5% during the same period due to the increase in total imports. Trade deficit widened to € 1,6 billion from € 1,5 bn. An increase in total imports was recorded in cars (+ 36.2%) and machinery (+ 9.4%), while a decrease was experienced in drugs (-4.9%) and electrical appliances (-0.9%). Increase was recorded in total exports to Greece (+ 12.3%), the UK (+ 26%), Italy (+ 7.7%) and Germany (+ 14.5%) while decrease was recorded in imports from Israel (- 22.4%).
Re-exports declined in January – June 2014 by 11.1% to € 378 million. It is noted that re-exports mainly involved supply fuel to airplanes and ships, which were lower in 2014 compared to 2013. In addition, reduction in re-exports happened due to no aircraft was re-structured during 2014.
According to the data of CYSTAT for the period January – August 2014, total exports fell 6.3%, while total imports were increased by 3.73% compared to the same period last year. The commercial products deficit increased from € € 2,1 to 2,3 bn (i.e. widened by € 150 million).
The table below shows the trend of trade in goods in recent years, in millions of euros.
2008 2009 2010 2011 2012 2013 January-June 2013 January-June 2014% Change 2013/2014
Domestic Exports 547 479 567 627 648 71G 38G 397 3,0
Re- Exports 0I3 401 570 777 774 090 420 378 -11.1
Total Exports 1,190 970 1,137 1,404 1,422 1,612 811 775 -4.4
Total Imports 7.367 5.692 6.517 6.311 5.742 4.810 2.300 2.382 3.6
Total Trade 8557 6.662 7.654 7.714 7.165 6.422 3.111 3.158 1.5
Trade Balance -6.176 -4.721 -5.381 -4.907 -4.320 -3.199 -1.489 -1.607
Trade of Services
According to the estimates of the Central Bank of Cyprus for the period January – March 2014 Cyprus exports of service were decreased by 10%. Increase was recorded in travel services (+ 1.1%) and export construction services (+ 19%), plus a significant decrease was recorded in Commercial exports of other services (-11.2% – including the Legal, Accounting, Consulting services, etc.) financial services (-32.3%), governmental services (-63.1%) and Insurance services (-82.8%). (See Appendix II).
Imports of services were decreased by 0.9% compared to the same period last year. Significant growth was recorded in imports of insurance services (+ 221.6%), while significant decrease was recorded in imports of other professional services (-17.3%), Information Services (-57.2%) and Financial Services (-12.6%) .
The table below shows the trend of imports and exports of services in recent years, in millions of euros.
2008 2009 2010 2011 2012 2013 January – Map. 2013 Jan – Mar. 2014% Change 2013/2014
Total Exports 6.538 5.779 6.049 6.262 6.167 5.750 1.080 972 -10
Total Imports 2.937 2.416 2.467 2.676 2.857 2.497 605 600 -0.9