Cyprus' domestic exports are dominated mostly by manufactured products which takes up to 60 percent of the market. This is a result of the predominance of small to medium sized manufacturing businesses with the flexibility to quickly respond to dynamics in customer requirements and adoption of emerging production techniques. Adoption of modern technologies has brought Cyprus quality improvement and more scientific marketing techniques that have enabled to it attract more customer bases. Cyprus has also attracted international companies to its shores leveraging on the potential to use the island as both an export and a production base.
Agricultural exports in Cyprus has seen it gain the code name “The Garden of the Mediterranean” for offering the international market with an ever-growing range of fruits and vegetables. Agricultural products accounts for about 35 percent of the island total exports. Amongst the most popular products includes the Cyprus Halloumi cheese which is made from sheep, goat or a combination of goat, sheep and cow's milk. Grapes, citrus fruits, melons, aromatic herbs and potatoes are other fresh produce that constitute Cyprus' agricultural produce. Amongst the major exporters are more than 30 Cypriots who are as well agricultural producers. Owing to the development of Cyprus' manufacturing industry, some of these products are processed, packed and specially labeled to meet specific market demands. The wine industry is successfully repositioning itself to meet international market by providing high quality liquor to discerning buyers.
An addition to the major Cyprus Exports includes cement, clothing and pharmaceutical products. The service industry including tourism also contributes on the island's economy accounting for a significant proportion of the country's GDP.
Generally, exports in Cyprus has gradually increased with the recent growth in 2013 which saw total exports increase from 133613 EUR in June thousand to 156009 EUR in July as reported by the Statistical Service, Republic Cyprus . The exports averaged 64673 EUR Thousand in 2013 from 1975 hitting an all-time high of 197246 EUR Thousand in April 2013.
Cyprus is the most populous and third largest island in the Mediterranean and is a member state of the European Union. The World Bank classifies Cyprus economy as a high-income economy which was as well included in the list of advanced economies in year 2001 by the International Monetary Fund.
Although in the last few years due to the world economic crises Cyprus has suffered unjustly due mainly to the exposure to Greek bonds by our major banks, we have had a record of successful economic performance since our independence in 1960 having our standard of living considered very high and ranked 23rd in the world for years. The drivers behind our successful economy lies on the transformation of our ancient agrarian economy to a modern economy with diverse services, agricultural and industrial sectors characterized by advanced social and physical infrastructure.
The geographical location of Cyprus is strategic thus bridges the East and the West making it an important trading hub between Europe, Africa and Asia. This has prompted Cyprus to extensively import in order to meet its domestic demand on commodities such as consumer goods, machinery, lubricants and transport equipment from Greece, Israel, UK, and Italy among st other countries.
