| Cyprus, due to its small domestic market and the open nature of its economy, considers access to international markets as one of utmost importance. As a result, trade has always been one of the main sectors of the Cyprus economy, contributing considerably to the economic growth of the island. During 2004, exports accounted for about 8% of the Country's GDP.
Furthermore, in May 2004, Cyprus made a decisive step for its further economic and political development. Entering the EU represents a formal turning point which has already affected Cyprus' international trade, fostering exports as a driving force in the economy. During 2004, Cyprus recorded a rise in both exports and imports. Domestic exports increased by 10% reaching in 2004 £235 m., in comparison with £215 m., in 2003. Re-exports increased by 19% and reached £313 m. from £262 m. in 2003. Total imports increased by 16% reaching £2.679 m. in 2004 from £2.314 m. in 2003. |
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