Cyprus exports more to non EU countries, says Eurostat

Greece (13%), the United Kingdom (8%) and Libya (8%) where the main trading partners of Cyprus in 2016, where most of Cypriot exports were stemmed, according to Eurostat. Yet Cyprus is one of the few EU countries were intra EU exports do not prevail. Malta (39%), Cyprus (46%) and the United Kingdom (47%) were the only Member States that exported more goods to non-EU countries than within the EU in 2016.

In 2016, the 28 EU Member States exported a total of Euros 4 855 bn of goods, of which Euros 3 110 bn (or 64%) were destined for another Member State of the EU (intra-EU trade). With about three-quarters or more of goods exported to other EU Member States, Slovakia (85% intra-EU in total exports), the Czech Republic (84%), Luxembourg (83%), Hungary (81%), Poland (80%), the Netherlands (76%), Portugal, Romania and Slovenia (all 75%) as well as Estonia (74%) recorded in 2016 the highest shares of intra-EU exports.

Meanwhile Greece (21%), Germany (17%) and Italy (7%) where the 3 main import partners for Cyprus in 2016, when in the rest of the EU, the United States (Euros 610 bn, or 17.7% of total EU trade in goods) and China (Euros 515 bn, or 14.9%) continued to be the two main goods trading partners of the European Union (EU), well ahead of Switzerland (Euros 264 bn, or 7.6%), Russia (Euros 191 bn, or 5.5%), Turkey (Euros 145 bn, or 4.2%) and Japan (Euros 125 bn, or 3.6%).

According to Eurostat, trends observed over the past years are however very different for these top trading partners of the EU. After recording a significant and almost continuous fall until 2011, the share of the United States in EU total trade in goods has begun to increase again to reach 17.7% in 2016. The share of China has almost tripled since 2000, rising from 5.5% to 14.9% in 2016. Since 2013 the share of Russia in total EU trade in goods has nearly halved to 5.5% in 2016, as did the share of Japan since 2000 to 3.6% in 2016. As for Switzerland and Turkey, their respective share remained relatively unchanged over the entire time period.

Source: Cyprus News Agency