Cyprus imports soar from Turkey, driven by company relocations

Cyprus’ imports of products from Turkey have skyrocketed over the past few years, soaring to €184.5 million in 2022 compared to just €4.6m in 2013 – with €333m over the past two and a half years.

Most of these products, such as cars, boats, machinery, clothing and footwear, are produced by foreign companies that relocated their factories to Turkey, with the goods then sent to Cyprus via third countries.

The information obtained by daily Politis, from the statistical service, shows that the trend is set to continue into 2023 – with €37.439m worth of goods imported from January until May.

The statistical service further detailed that imports of products from Turkey through third countries reached €333m in the past two and a half years.

For the year 2021 it was recorded at €111.1m, rising to €184.486m in 2022 – compared to €4.6m in 2013 and €10.2m in 2014.

Politis explained that most of the products imported into Cyprus from Turkey are goods produced by foreign companies that maintain factories in the neighbouring country – which is not within the EU and therefore has cheaper labour and different legislation.

It added that in most cases Cypriot representatives communicate directly with the central offices of international companies which are in a European country to place their orders. The products are then sent from the factories in Turkey.

The report further stated that Cyprus’ exports to Turkey is limited to “just a few million euros annually” and are mostly re-exports.

As for the breakdown of the main products imported from Turkey, the statistical service detailed the following: lubricants and mineral oils (€84m in 2021 and €149m in 2022), vehicles and components (€15m in 2021 and €18.5m in 2022), and machines and parts (€3.3m in 2021 and €4.6m in 2022).