Cyprus imports from Greece at EUR 1.1 bln

[Angelo]

Cyprus imports from Greece at EUR 1.1 bln

September 05, 2008



Imports from Greece have reached 1.1 billion euro, marking a 16% increase, said Commerce, Industry and Tourism Minister Antonis Pashalides.
Speaking at a press conference on the sidelines of the 73rd Thessaloniki International Fair (TIF), Pashalides said that the balance of trade between Cyprus and Greece leans against Cyprus since in 2007, the total commercial transactions rose to 1.3 billion euro, marking an increase of 18%, compared to 2006 when it was 1.1 billion euro.
Cyprus exports reached 214.8 m. euro while exports to Greece amounted to 58.2 m. euro, registering a 16.0% increase compared to 50.1 m. in 2006.
Despite the imbalance, said Pashalides, numbers indicate that the Cyprus market prefers Greek products, putting Greece at the top on imports to Cyprus, while Cypriot products rank second in exports to Greece. “We can say that these figures are at a very good level with good prospects for the immediate future”, the Minister added.
Pashalides announced that business seminars will be held this year and in 2009 to allow business people from both countries develop their cooperation in all sectors of commercial and economic activity.
Referring to trade in Cyprus, Pashalides said that four years after the island’s accession to the EU, “the industry sector and our exports are faced with competition in addition to problems of adjusting to new circumstances and the modern demands of today’s consumer.
He said the only way to reverse this trend is to strengthen the competitiveness of local products.
On tourism, Pashalides said that it marked a slight increase in arrivals in 2007 as well as a more remarkable increase in currency influx.
The Minister said that in 2007, a total of 2.416.000 people visited Cyprus bringing in a total of 1878 million euro, a six percent increase compared to 2006.
Greece, he added, ranks third after the UK and Russia in tourist arrivals in Cyprus, with a total of 5.8% of Greeks visiting the island. A total of 140 thousand tourists from Greece visited the island in 2007, compared to 127 thousand in 2006, marking a 10 percent increase. On the other hand, Greece is the Cypriots’ favourite holiday destination since in 2007 it received 440 thousand visitors from the island.
Cyprus has been participating at the Thessaloniki International Fair repeatedly in the past 48 years. The Cyprus pavilion measures 300 sq and this year, there is a special pavilion which promotes education opportunities on the island.



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