Cyprus achieves record €4.7 billion in exports, continuing years-long growth

Minister of Energy, Commerce and Industry George Papanastasiou praised the expanding momentum in the Cypriot export activity, stressing that in 2023 exports rose by an annual 38% continuing their steady rising trend of the past years.

Addressing on Friday the Annual General Meeting of the Paphos Chamber of Commerce and Industry, Papanastasiou said that in 2023 total exports of Cypriot goods amounted to €4.7 billion, over €3.4 billion in 2022, marking an annual increase of 38%.

The sector’s steady growth in the period of 2021-2023 suggests a general expansion of Cyprus’ export activity, he added, pointing out that despite challenges facing international trade, the rising trend for Cypriot exports continues in 2024.

In part, Papanastasiou added, this is attributed to the strengthening of the Cypriot industry’s competitiveness with export of local goods marking a sizeable increase of 63% in the same period to €2.36 billion from €1.45 billion.

He noted that this rise was driven mainly by exports of industrial products from the agricultural and manufacturing sectors, while the top 5 export destinations for Cypriot goods in 2021 – 2023 were Greece, Lebanon, Israel, Germany and the UK.

Despite challenges facing international trade, he went on, we see that the rising trend is continuing and in 2024, based on the latest available data exports for the period of January to July 2024, exports rose by 4% year on year, reaching €1.22 billion.

The Commerce Minister highlighted that the key prerequisites to utilise the capability for further growth is coordination and fruitful exchange of views, coupled with the necessary support by the State to business initiatives which will benefit both corporations and the economy as a whole

Papanastasiou recalled that the majority of businesses in Cyprus, as in Europe as whole, are small and medium-sized corporations (SMEs) rightly described as the backbone of the economy.

According to data for 2022, there were 92,000 SMEs, whereas the manufacturing sector includes more than 5,000 industries employing more than 35,000 workers.

This number corresponds to 8% of the total employment in Cyprus remaining steady for the last years, while the value of industrial production amounts to €4.5 billion, Papanastasiou said, recalling that the industrial sector’s contribution to Cyprus’ GDP amounted to 8.4% based on the 2023 statistical data.