In this video you see Cyprus' Top Imports And Exports, Cyprus Top Trading Partners. Read Video description, Watch to end for full detailed information and please don't forget to subscribe to this channel for more Business informative videos, Thanks
- The Republic of Cyprus, located in the East Mediterranean Sea south of Syria, Turkey, and Lebanon, exported 3.1 billion dollars in 2020, making it the third-largest and third-most populous Mediterranean island republic.
- This figure represents a 1.9 percent gain from 2016 to 2019, but a minus 13.2 percent decrease from 2019 to 2020.Cyprus utilizes the euro, which has strengthened by 3.1 percent against the US dollar since 2016 and increased by 2 percent from 2019 to 2020, according to the average exchange rate for 2020.
- In comparison to 2019, the lower EU currency made Cypriot exports paid in stronger US dollars significantly more expensive for international purchasers in 2020.According to the most recent country-specific data available, importers in Greece got 8.6 percent of the global total, Liberia had 7.4 percent, the United Kingdom got 6.6 percent, Libya had 6.1 percent, the Marshall Islands with 5.8 percent, the Netherlands with 5.6 percent, France with 4.2 percent, China with 3.1 percent, Israel with 3.1 percent, Lebanon also 3.1 percent, the United States with 2.9 percent, and Germany purchased 58.7 percent of the products exported from Cyprus.
- Another 18.1 percent of Cyprus' exports went to Africa.
- Given the island's population of 886,000 inhabitants, the island's total 3.1 billion dollars in 2020 exports equates to nearly 3,500 dollars for each resident.
- The only major export categories from Cyprus that rose from 2019 to 2020 were dairy, eggs, and honey went up by 19.1 percent, medicines were up by 17.6 percent, and pharmaceuticals went up by 17.6 percent.
- Mineral fuels, including oil, were the biggest loser among Cyprus' top 10 export categories, with a minus 32.1 percent drop year over year.
- At the four-digit Harmonized Tariff System code level, the most valuable export products from Cyprus are cruise or cargo ships and barges came up by 23.6 percent of the total, followed by medication mixes in dosage with 14 percent, refined petroleum oils with 11 percent, cheese and curd with 9.9 percent, warships including lifeboats with 4.6 percent, electrical resistors with 1.8 percent, tugboats and pusher craft with 1.6 percent, and yachts with 1.6 percent.
- In PPP terms, exports will account for 8.8 percent of overall GDP in 2020, compared to 9.5 percent in 2019.
- Oceania, led by the Marshall Islands and Australia with 7.4 percent, North America with 4.2 percent, and Latin America excluding Mexico but including the Caribbean received smaller percentages of 2.5 percentCyprus Top Trading PartnersThe following is a list of 15 of Cyprus' most important trading partners.
- In terms of dollar value, these are the nations that imported the most Cypriot shipments in 2020.
- Five of Cyprus's biggest trading partners raised their purchases of exported goods by triple digits from 2019 to 2020.
- The Netherlands went down by minus 62.4 percent, Libya was down by minus 47.6 percent, and Hong Kong were the top decliners year over year down by minus 34.2 percent.
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