Cyprus export of Aluminium scrap remains downsizing during 2018-20, revenue earnings to rise in 2020

Cyprus is an island nation in the Eastern Mediterranean. The Cyprus economy has been expanding rapidly, with robust growth rates averaging 4.4% in 2015-18. The European Commission predicts a growth rate of 3.1% in 2019 and 2.7% in 2020. The government aims to double the industry's share of GDP by 2030. The manufacturing sector is not very developed and is estimated to account for only 5% of GDP. Cyprus' economy is mostly based on the tertiary sector, which contributes 72.2% of the GDP and employs 81% of the active population.

The Eastern Mediterranean island nation’s aluminium scraps export have displayed de-growth between 2018-19, as the total export volume remained at 16,971 tonnes and revenue earning recorded at $22.60 million. The estimated export volume for 2020 has been analysed at 7186 tonnes and earnings might reach $12.26 million. When the projected export volume and earnings of 2020 get added with the existing two years it shows 24,157 tonnes and $34.86 million respectively.

In 2018, Cyprus export of aluminium scrap saw a record mark of 9131 tonnes and the revenue generations stood at $11.67 million, whereas in 2019 the export saw a dip by 14.13%, as the export volume dropped at 7840 tonnes and the earnings also declined to $10.93 million.

The projection for 2020 has also been analysed with down-turn by 8.34%, as the export might remain to 7186 tonnes, while the revenue earning is expected to surge up at $12.26 million.

The major trading countries for Cyprus aluminium scrap export are Albania, Greece, Hong Kong, Italy, India, Netherlands, Lithuania, Poland, Romania, Spain, etc.