Exporting to Cyprus

Cyprus has a population of approximately 1 million people and is the UK’s 56th largest export market (IMF, 2019). In the year ending June 2019, total UK exports to Cyprus amounted to £1.2 billion which was an increase of 13.2% compared to the previous year (ONS, 2019). During this time the top 5 goods exported from the UK to Cyprus was cars, clothing, ships, aircraft and beverages (ONS, 2019).

Strong links with the UK

There is a large UK expatriate community in the country and English is widely spoken. The UK is one of Cyprus’ most significant trading partners. British brands are well recognised, and UK products and services are part of everyday life on the island.

Strategic geographic location

Cyprus’ location in the Eastern Mediterranean makes it a gateway for exporters who would like to expand further afield to the Middle East, Persian Gulf, Russia and Eastern Europe.

Imported services

In the year to March 2019, the top services imported from the UK by Cyprus were business services (22.9%), travel (21.3%) personal, cultural and recreational (16.5%), financial services (16.1%) and transport (8.1%) (ONS, 2019). Therefore, as a UK business exporting these services, Cyprus could be a good market for you.

Ease of doing business

54th

out of 190 countries (World Bank, 2019)

Currency

Euro

Business languages

Greek, but English is widely spoken

GDP per capita

$28,341

UK is $41,030 (IMF, 2019)

Economic growth

3.9%

(IMF, 2019)

Time zone

GMT +2

Next steps

DIT can advise you on doing business abroad, and help put you in touch with other people who can help such as lawyers and distributors.