International Trade in Cyprus

International Trade in Cyprus

Cyprus has an open free-market economy, which is based on services. Cyprus became a full member of the EU on May 1, 2004, which has been an important milestone in its economic development. For several years, the growth rate of its GDP has been stagnant. The Cypriots are among the most... Read more

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Market Analyses About Cyprus (18)

Import and Export Services in Cyprus (274)

  • E.R. Team Global Consultants Ltd

    E.R. Team Global Consultants Ltd

    Corporate Law, Cyprus

    E.R. Team Global Consultants specializes in incorporation of companies in Cyprus, business registration, accounting, auditing, tax and...
  • Soteris Pittas & Co LLC

    Soteris Pittas & Co LLC

    Admiralty and Maritime Law, Cyprus

    SOTERIS PITTAS & CO LLC. is a boutique law firm, in size only, focusing on the areas of law related to business activity and...

Business Tips About Cyprus (33)

Agents and Distributors in Cyprus (9)

  • Acumen International

    Acumen International

    HR Outsourcing, Cyprus

    Acumen International is a Global Employer of Record and a pioneer of Express Global Employment solutions. Having spotted our...
  • Engineercy

    Engineercy

    Electronics/Telecom. Sales and Distribution, Cyprus

    Representatives of PHOENIX CONTACT in Cyprus We manufacture Temperature Sensors Electrical Spare Part Products from Siemens,...

Overview About International Trade in Cyprus

Main Industry Sectors

In the past two decades, Cyprus' economy has shifted from agriculture to light manufacturing and services.

The agricultural and mining sectors contribute around 5% to the GDP and employ around 5% of the active population. The main crops are wine grapes, potatoes, cotton and fruits. Mineral resources are limited, they are  mainly copper, pyrites, chrome, asbestos, and gypsum.

The manufacturing industry (mainly industrial food-processing, paper, chemical products, textiles, metal products, and petroleum refining) accounts for 10% of the GDP, but its competitiveness is declining mainly due to high-cost labor.

The tertiary sector contributes to about two-thirds of the GDP and employs 70% of the active population. Tourism and maritime transportation are considered to be the two pillars of the Cypriot economy. Offshore activities are led by foreign-capital companies based in Cyprus, whose commercial activities are executed exclusively outside Cyprus, giving them substantial tax benefits. Cyprus has the sixth largest shipping fleet in the world.

Currently, the sectors of tourism, real estate and financial services are the main industries in Cyprus and they have allowed th...

News Related to International Trade in Cyprus

  • Qatar Petroleum, ExxonMobil ink Cyprus gas agreement - Apr 07, 2017

    (MENAFN) Qatar Petroleum (QP) and ExxonMobil inked an exploration and production deal with the Government of the Republic of Cyprus for offshore Block 10.Additionally, talks focuse...

    Source: MENAFN

  • QP, ExxonMobil sign Cyprus oil, gas exploration deal - Apr 07, 2017

    (MENAFN - Gulf Times) Qatar Petroleum (QP) and ExxonMobil have sealed an exploration and production sharing deal for oil and gas with Cyprus for an offshore block in the Medit...

    Source: MENAFN

  • Illegal, lucrative bird trapping on Cyprus must stop: conservationists - Mar 16, 2017

    NICOSIA (Reuters) - Cyprus, and the British authorities that still administer parts of the island, must act to end the slaughter of thousands of birds each year, served up as restaurant delicacies, Europe's main bird conservation group said on Thursday.

    Source: Reuters