& nbsp & nbspTheano Theiopoulou & nbsp; & nbsp;
Cypriot importers and exporters on hold for the expected new price increase due to the war.
The shocks that the Cypriot economy may experience, especially the import and export companies that trade with Russia Ukraine is trying to crystallize the business world, watching the developments with great concern. The content of the new sanctions against Russia by the Western allies will largely determine the next day. & Nbsp;
However, everything will depend on what exactly the sanctions will be after yesterday's invasion, which persons and which companies will be affected in Cyprus or in relation to Cyprus. & Nbsp;
SEE ALSO: & nbsp; The impact on Cyprus from the invasion of Ukraine
Already, the first problems in trade began to appear in the ports of Odessa and Mariupol, and in fact the exclusions or the obligatory changes of itineraries are expected to largely determine the course of the freight markets. This means an increase in prices or a delay in the receipt or export of products. The Black Sea could become inaccessible for commercial and shipping purposes, either in whole or in part, with the result that trade is hampered, which also implies a sharp rise in prices. & nbsp;
The Russian-Ukrainian crisis is expected to inevitably affect sectors of economic activity in Cyprus as well, the business world observes, and a prolonged escalation may have side effects on the supply chain, and possibly on the adequacy of some products.
According to According to the data collected by “F” from the Statistical Service, the largest weight of exports to the two countries have medicines and imports, cereals from Ukraine and mineral oils from Russia.
Waiting stop from OEB and KEVE
At the moment, there is no serious record of problems in the business world, Michalis Antoniou, general manager of OEB, told “F” yesterday. We must evaluate the content of the sanctions and the Russian response with the countermeasures it will take.
The general secretary of the CCCI, Michalis Tsiakkis, told “F” that we are restrained for the time being, until we see how long the Russian-Ukrainian crisis will last and how much the price of oil will be affected. We deal, he noted, more with the two countries in the field of services, tourism and then trade. We should not panic, he concluded.
Give it to the two countries
Imports of products from Ukraine in the period January – November 2021 amounted to € 19,972,804 and exports to € 9,899,691. The largest category of imports from Ukraine is cereals, with a value of € 6,840,549. The second major category of imports, worth € 4,000,559 during the eleven months of 2021 was animal or vegetable fats, prepared with edible fats. The third category of imports from Ukraine, worth € 1,544,569, is alcoholic beverages and vinegar.
Regarding the exports of Cyprus to Ukraine, the first category in value is medicines and wider pharmaceuticals , with the value of the transactions being at € 7,723,285. The second major category of exports to Ukraine is edible preparations, with their value in the eleven months of 2021 amounting to € 171,281. The following is the category of feed with € 112,311 and of tobacco products with € 90,940.
Trade with Russia shows that the value of imports in the eleven months of 2021 was € 80,121,408 and exports € 60,663,259, but there are special reasons that increase the amount of exports. The largest category of imports, with a value of € 10,294,175, are fossil fuels, mineral oils and their distillation products, followed by imports of cereals worth € 9,454,051 and animal feed, with a value of € 6,025,608. Imports of wood, wood and coal are € 3,436,859, iron and steel € 2,778,377, paper and pulp € 1,018,010. The value of imports of works of art, collectibles and antiques is another large category, with a value of € 802,066.
Most exports to Russia are in the category of medicines, with a value of € 6,300,353 in eleven months of 2021, electrical machinery and equipment, sound reproduction mechanisms and their accessories, with a value of € 529,613. Garment exports are in the range of € 202,380. & Nbsp;