Cyprus import of Aluminium Bar Rods and Profiles during 2018-20 demonstrates downturn

Cyprus was moving on an enterprising growth path before the global outbreak of COVID-19. The pandemic and the restriction measures that followed have dramatically changed the scenario. In the first quarter of 2020, economic growth slowed down considerably, 0.8% (year-on-year), reflecting a significant fall in external demand for goods and tourism. Economic sentiment and expectations in services are at a historic low, despite a slight improvement in June’20. Tourism, the main pillar of Cyprus’ economy, has been severely affected. The COVID-19 pandemic is expected to significantly dampen international demand for tourism. Tourist arrivals and revenues decreased by 46.5% and 52.4%, respectively in the first quarter of 2020 (year-on-year).

The island nation in the eastern Mediterranean has recorded with 6066 tonnes of aluminium bar rods and profiles in 2018-19 and the expenditure occurred for the import remained at $20.45 million. The import for 2020 stood at 2664 tonnes and expenditure accounted was $8.95 million. However, when the import volume and expenditure of 2020 get footed with the existing two years, it demonstrates 8730 tonnes and $29.40 million respectively.

Cyprus import of aluminium bar rods and profiles in 2018 stood at 3192 tonnes and the expenditure remained at $11.01 million, whereas, in 2019, the import saw de-growth by 9.96%, as the import fell to 2874 tonnes and the expenditures also dropped to $9.44 million.

The aluminium bar rods and profiles import for 2020 was recorded at 2664, which shows a downturn by 7.30% and the expenditure also shrinks to $8.95 million.

Cyprus major trading destinations for the import of aluminium bar rods and profiles are Austria, Belgium, Bulgaria, China, Egypt, France, Germany, Greece, Honk Kong, Italy, Netherlands, Poland, etc.