Cyprus’ export sector is experiencing a strong growth trajectory, according to Minister of Energy, Commerce, and Industry George Papanastasiou, who highlighted a significant 38% annual increase in exports for 2023. Speaking at the Annual General Meeting of the Paphos Chamber of Commerce and Industry, Papanastasiou noted that total Cypriot exports reached €4.7 billion in 2023, a substantial rise from €3.4 billion in 2022.

This consistent upward trend from 2021 to 2023 points to a robust expansion in Cyprus’ export activities. Despite global trade challenges, Papanastasiou emphasized that Cypriot exports are maintaining their positive momentum into 2024. He attributed part of this progress to the growing competitiveness of Cypriot industries, noting that exports of locally produced goods surged by 63%, reaching €2.36 billion compared to €1.45 billion over the same period.

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The primary drivers of this growth are industrial products, particularly from the agricultural and manufacturing sectors. Greece, Lebanon, Israel, Germany, and the UK were identified as the top five destinations for Cypriot goods between 2021 and 2023.

The Commerce Minister further indicated that exports continued to rise in early 2024, with January-to-July figures showing a 4% year-on-year increase, bringing the export total to €1.22 billion. He emphasized that sustainable growth in exports relies on effective collaboration, open dialogue, and state support for business initiatives, which can foster economic benefits for both companies and the broader economy.

Papanastasiou also underscored the role of small and medium-sized enterprises (SMEs), which constitute the majority of businesses in Cyprus, as a fundamental part of the economy. In 2022, Cyprus had around 92,000 SMEs, with the manufacturing sector alone encompassing over 5,000 companies and employing more than 35,000 workers—about 8% of the country’s total employment.

Moreover, he recalled that the value of Cyprus’ industrial production amounts to €4.5 billion, with the sector contributing approximately 8.4% to Cyprus’ GDP, according to the 2023 statistics.