Despite pandemic, exports hold their own

Despite the challenges of the pandemic, domestic exports managed to hold their own last year while leading products such as pharmaceuticals and halloumi even registered an increase over 2019, President Nicos Anastasiades said on Friday.

He was addressing the Cyprus Export Awards ceremony at the presidential palace which concerned the export of products and services carried out in 2019.

Launched in 1982, the awards are co-organised by the Ministry of Energy, Commerce and Industry and the Cyprus Chamber of Commerce and Industry (Keve).

The award for industrial went to Karnic Powerboats (for small manufacturing units with fewer than 50 employees) and to Epiphaniou Scrap Metals Ltd (for manufacturing units with more than 50 employees.)

The award for services went to Island Oil (Holdings) Ltd.

An honorary award was also presented to the Association of Cyprus Cheesemakers in recognition of the long-standing contribution of halloumi producers and their efforts to establish the traditional cheese as the most recognised Cypriot product worldwide. Anastasiades presented the award to association president Yiorgos Petrou while honorary awards were also given to all Cypriot halloumi exporters.

In his address, Anastasiades praised the business community noting that despite the pandemic, Cypriot products have opened up new markets. In 2020, domestic exports totalled €1.26 billion, only 3% down on €1.31 billion of 2019, despite the impact of the pandemic on world trade.

During the same period, top exports – pharmaceuticals and halloumi – recorded an increase of 18 per cent and 13 per cent respectively, he added.

The export of services rose by 33% in the five-year period of 2015-2019 to total €12,91 billion. The 14% drop in 2020 from the previous year was attributed to transport and travel that were badly hit by the restrictive measures to contain the coronavirus outbreak. During the same period, financial services recorded a significant 20% increase confirming the growth in the investment fund management sector.

Keve president Christodoulos Angastioniotis said that in view of the difficulties created by the pandemic the state must continue to support export businesses with new innovative incentives that will help the sector deal with the tough competition abroad.

Source: Cyprus Mail