Monday, 10 October 2022
Trade via the Green Line Regulation, which amounted to 470,000 euros in 2004 has gradually increased over the years to over 88 million euros, Yeniduzen reports.
Cyprus Turkish Chamber of Commerce Deputy Secretary General İzzet Adiloğlu said that the depreciation of the Turkish Lira against foreign currency was not the only reason for the increase in trade across the Green Line.
He said that the breakdown in the global supply chain post pandemic, had made the TRNC an alternative source of supply for the south.
Adiloğlu said that in the past, the business community in the north wanted to sell goods in the south Cyprus market. There is now a trend of increased trading within the green line regulation.
As a rule, south Cyprus imports its goods from Europe and elsewhere, however, many factories closed during the pandemic, creating a backlog of orders to be filled.
Adiloğlu also said that shipping and freight charges had increased, but that would normalise over time.