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Trade deficit declines an annual 18.5% in January-August

Cyprus’ trade deficit declined to €4.98 billion from January to August 2024, registering an annual reduction of 18.5% compared with €6.12 billion in the respective period of last year.

According to provisional data released by Cystat, total imports for January – August 2024 declined by 15.5% to €7.57 billion compared to €8.96 billion in the respective period of last year.

Total exports of goods in January-August 2024 amounted to €2.59 billion compared to €2.84 billion in January-August 2023, registering a decrease of 9%.

In August, total imports stood at €948.6 million as compared to €1.243,1m in August 2023, recording a decrease of 23%.

Imports from other EU Member States were €564.8m and from third countries €383.8m, compared to €692.4m and €550.7m respectively in August 2023.

Imports in August 2024 include the transfer of economic ownership of vessels and aircraft, with a total value of €38.8m as compared to €246.7m in August 2023.

According to Cystat, total exports of goods in August 2024 were €276.4m as compared to €422.8m in August 2023, recording a decrease of 34.6%.

Exports to other EU Member States were €70m and to third countries €206.4m, compared to €79.1m and €343.7m respectively in August 2023.

Cypriots Celebrate Tsiknopempti With Record-High Meat Consumption

Record Demand For Grilled Meats

In a striking display of culinary tradition, Cypriots celebrated Tsiknopempti with an explosive surge in meat consumption, particularly favoring pork souvlaki, ribs, and sausages. According to Costas Leivadoti, President of Meat Retailers, demand doubled compared to an ordinary day, especially for products ideal for grilling.

Consumer Preferences And Market Trends

Most shoppers gravitated toward familiar, easy-to-cook options such as sausages, ribs, steaks, and especially pork souvlaki, a pattern that has remained consistent in recent years. Purchasing activity began intensifying from Wednesday afternoon and continued into the early hours of Thursday, keeping butcher shops busy throughout the day. Indicative prices placed pork souvlaki at around €6 per kilogram, with volumes significantly higher than seasonal averages.

Business Booms Beyond The Home

Heightened demand was also evident across the hospitality sector. Restaurants, taverns, and grill houses reported strong reservations, takeaway orders, and bookings. Several venues reached capacity or sold out of key menu items by midday, underscoring Tsiknopempti’s importance as one of the most profitable days of the year for food service businesses in Cyprus. Fanos Leventis, General Manager of the Owners Association of Leisure Centers, compared the day’s turnover to an additional weekend peak.

Diverse Celebratory Choices

While many adhered to the customary meat feast, some citizens opted for alternative culinary celebrations. The Animal Party (Κόμμα για τα Ζώα), in a public statement, encouraged adopting a plant-based approach by choosing vegetables, legumes, and other non-animal products. This suggestion adds an intriguing dimension to the cultural and commercial landscape of Tsiknopempti.

Maintaining Tradition Amid Changing Tastes

Alongside grilled meats, customary side dishes and sweets continued to feature prominently on festive tables. Local bakeries and specialty confectioners reported steady demand for both savory and sweet treats that traditionally accompany Tsiknopempti gatherings. Together, these elements highlight how the celebration remains both a cultural cornerstone and a significant economic boost for retailers and hospitality businesses across Cyprus.

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