Cyprus and the EU

Over the past nine years, Cyprus imported considerably more than it exported, while import and export growth remained modest throughout the decade. Trade in goods was less important to the Cypriot economy than for other candidate countries with exports amounting to a relatively low 12% of GDP in 1998. Also, Cyprus has forged its trade relations more outside the European Union, while EU-trade was mostly conducted with the United Kingdom and Greece. Re-exports made up an important part of total exports.