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Imports from Turkey sharply up in 2014

06/08/2015 15:03
Vehicles and their accessories, machinery and engines, pharmaceutical products and plastics are the main products the Republic of Cyprus imports from Turkey, mainly through third countries, with imports from the neighbouring country to have more than doubled in 2014.

According to data from the Statistical Service of Cyprus, which records the country of origin of the products without recording whether they have come through a third country, imports from Turkey more than doubled in 2014 to € 10,2 million from € 4,6 in 2013.

Respectively, exports to Turkey, made through third countries since Turkey does not recognize the Republic of Cyprus increased to € 593 thousand in 2014 from € 493 thousand in 2013.

Imports from Turkey for the period January - April 2015 were € 3,8 million compared to € 4,1 million in the corresponding period of 2014. The exports to Turkey amounted to € 337 thousand in the first quarter of 2015 compared to € 82 thousand in the same period of 2014.

According to the data the largest category of the products imported from Turkey are cars, vehicles and their parts with total imports amounting to € 2,7 million in the first quarter of 2015, following by machinery and engines with €237 thousand, pharmaceutical products with €163 thousand and plastics with €134 thousand.

As reliable commercial sources explained to CNA, most of the products imported from Turkey are products produced by multinational companies that have factories in Turkey. In most cases Cypriot dealers speak directly with the company located in another country to make the order, and then the multinational company chooses to send the order from the factory in Turkey.

According to the same sources, exports from Cyprus to Turkey concern mainly products imported to Cyprus and re-exported to Turkey via third countries.