Insider Economy Fewer made in China products due to coronavirus

Fewer made in China products due to coronavirus

Cyprus has also been affected by the global economic impact of coronavirus, with more and more business people recording shrinking stock.

Others have already had to turn to much more expensive European markets for supplies, Phileleftheros reports.

At the same time,  organised business groups are warning  that delays in the delivery of purchased goods may lead to shortages in products within the next couple of weeks.

Local business people also believe that the problem will become even worse, especially for the island’s pharmaceutical and chemical industries.

In 2018, imports from China amounted to €390 million, with some €89 million for boats, €56 million for machinery, €43 million foro electrical and electronic equipment and €15 million for plastic products.

Cyprus’ exports to China amounted to €39 million, the bulk of which were medicines (€24 million) followed by fruits and nuts (€9 million).

Secretary General of the Cyprus Chamber of Commerce and Industry (KEVE) Marios Tsiakkis told Phileleftheros that the local market’s stocks of raw material and products are on the decline.

“The Chinese economy is struggling to come back to normality, as New Year’s Eve celebrations have been prolonged  in order to limit the spread of the virus. Thus, production of their products, transportation and exports have ceased. If the crisis time is prolonged, product shortages in the Cypriot market will be unavoidable,” he also said.

“In two to three weeks’ time there will be a shortage of products such as spare parts, and electrical and electronic equipment and this is serious,” he added.

European industries which import raw materials from China and export products to Cyprus will also face shortages, he also said.

However, the tourism sector has no real fear since the number of Chinese tourists coming to Cyprus is limited.

Costas Christofides of the Cyprus Employers Federation said that a study is now carried out by business at 39 European countries to assess the impact of the coronavirus.

“A total of 150 companies from Cyprus are taking part in this study, saying that they are experiencing delays in receiving raw materials, and pointing out that more checks apply at ports for Chinese products, thus, more delays.”

At the same time, many Cypriot businesses had to turn to other – mainly European – markets that are more expensive, he also said. In addition,  some business people had to cancel scheduled trips to China to either sign agreements or attend trade shows.

As for the global economic impact of coronavirus, many global airlines are cancelling flights to and from China – the world’s largest population – forcing oil prices to drop by 11%.

Supply chains are being hit too. This is because of the shutdown of factories and the delays in workers returning from Chinese New Year holidays. Many firms will be experiencing revenue shortfalls and lower business volumes.

By Demetra Landou


Read more:




Top Stories

288 new cases of COVID-19, one death announced on Tuesday

The Health Ministry announced the death of one person due to COVID-19. This raises the death toll from the virus in Cyprus to 232,...

Health Minister and experts ‘concerned’ about increase in coronavirus cases in Cyprus

Cyprus` Minister of Health Constantinos Ioannou and the members of an advisory scientific team of experts on COVID-19 are "concerned" about a recent spike...

Cyprus unemployment at 7.6% in 2020

Unemployment in Cyprus in 2020 rose to 7.6% of the labour force compared with 7.1% the year before, pushed upwards by the fallout of...

Where to get a rapid test on Wednesday, 3 March

Aiming at the continuous surveillance of the community and the workplaces, the free programmes of rapid antigen testing of the general population and employees...

Health Ministry says students must have negative COVID tests

The Health Ministry issued a decree today regarding the operation of schools. According to the decree, every week the students of gymnasiums and lyceums must...


Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...


No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...