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Cyprus Trade Deficit Drops By 3.97% In 2024

Cyprus’s trade deficit has seen a modest reduction of 3.97% in 2024, dropping from €8,470.4 million in January–December 2023 to €8,134.3 million in the same period of 2024, according to provisional data from Cystat

Key Highlights:

  • Imports: Total imports for 2024 were €12,256.1 million, down by 7% from 2023 (€13,179.8 million).
  • Exports: Exports fell by 12.5% to €4,121.8 million, compared to €4,709.4 million in 2023.

December 2024 Snapshot

  • Imports in December surged to €1,314.3 million, a significant increase of 37.8% from December 2023 (€954.1 million).
    • Imports from the EU: €662.7 million
    • Imports from third countries: €651.6 million
  • Exports in December totaled €359 million, down by 8.5% from December 2023 (€392.4 million).
    • Exports to the EU: €88 million
    • Exports to third countries: €271 million

Noteworthy: December imports included a significant €372.5 million from vessel and aircraft ownership transfers—up dramatically from just €4.8 million in December 2023.

November 2024 Recap

  • Imports in November increased by 3.7%, reaching €1,139.6 million (compared to €1,098.6 million in November 2023).
  • Domestic exports grew by 7.7%, totaling €244.1 million.
    • Industrial product exports were up to €236.5 million from €218.2 million in November 2023.
    • Agricultural exports remained steady at €6.5 million.

However, exports of foreign products plummeted by 74.2%, from €519.2 million in November 2023 to just €134.1 million in November 2024.

EU Moderates Emissions While Sustaining Economic Momentum

The European Union witnessed a modest decline in greenhouse gas emissions in the second quarter of 2025, as reported by Eurostat. Emissions across the EU registered at 772 million tonnes of CO₂-equivalents, marking a 0.4 percent reduction from 775 million tonnes in the same period of 2024. Concurrently, the EU’s gross domestic product rose by 1.3 percent, reinforcing the ongoing decoupling between economic growth and environmental impact.

Sector-By-Sector Performance

Within the broader statistics on emissions by economic activity, the energy sector—specifically electricity, gas, steam, and air conditioning supply—experienced the most significant drop, declining by 2.9 percent. In comparison, the manufacturing sector and transportation and storage both achieved a 0.4 percent reduction. However, household emissions bucked the trend, increasing by 1.0 percent over the same period.

National Highlights And Notable Exceptions

Among EU member states, 12 reported a reduction in emissions, while 14 saw increases, and Estonia’s figures remained static. Notably, Slovenia, the Netherlands, and Finland recorded the most pronounced declines at 8.6 percent, 5.9 percent, and 4.2 percent respectively. Of the 12 countries reducing emissions, three—Finland, Germany, and Luxembourg—also experienced a contraction in GDP growth.

Dual Achievement: Environmental And Economic Goals

In an encouraging development, nine member states, including Cyprus, managed to lower their emissions while maintaining economic expansion. This dual achievement—reducing environmental impact while fostering economic activity—is a trend that has increasingly influenced EU climate policies. Other nations that successfully balanced these outcomes include Austria, Denmark, France, Italy, the Netherlands, Romania, Slovenia, and Sweden.

Conclusion

As the EU continues to navigate its climate commitments, these quarterly insights underscore a gradual yet significant shift toward balancing emissions reductions with robust economic growth. The evolving landscape highlights the critical need for sustainable strategies that not only mitigate environmental risks but also invigorate economic resilience.

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