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New Record In Passenger Traffic

Cyprus has achieved a remarkable milestone in its aviation sector, with a record-breaking 6.6 million passengers travelling to and from the island between January and July 2024. This unprecedented surge in passenger traffic underscores the island’s growing appeal as a tourist destination and a critical hub in the Eastern Mediterranean.

Hermes Airports, the operator of Larnaka and Paphos airports, reported that passenger numbers have significantly rebounded, even surpassing pre-pandemic levels. The June 2023 figures alone showed a 105% increase compared to the same period in 2022. This surge reflects not only a recovery from the pandemic’s impact but also the effectiveness of Cyprus’s strategic efforts to enhance its connectivity and tourism appeal. With over 55 airlines operating 156 routes to 38 countries, Cyprus has firmly positioned itself as a key player in regional travel.

July witnessed a further rise, with 1.5 million passengers recorded, marginally above the July 2022 figures. This growth trend is expected to continue in August, traditionally the peak travel month, which could see passenger traffic exceed 1.5 million. The anticipated figures for August indicate a strong finish for the summer season, reinforcing Cyprus’s position as a favoured destination.

Despite the year’s challenging start, marked by external factors such as geopolitical tensions and global economic uncertainties, the resilience of Cyprus’s tourism and aviation sectors is commendable. Maria Kouroupi, Hermes Airports’ Director of Aviation Development, highlighted the concerted efforts to stabilise and grow the sector, aiming to make 2024 a landmark year for Cyprus tourism.

For businesses and investors, these numbers signal robust growth potential in Cyprus’s tourism and related sectors. The increasing passenger traffic not only boosts the local economy but also opens up new opportunities for investment in infrastructure, services, and hospitality industries.

Toyota’s Global Production Declines For 10th Consecutive Month, Yet Sales Show Growth

Despite a consistent drop in global production, Toyota Motor reported an uptick in worldwide sales for the second month in a row, driven by strong demand in the United States and China.

In November 2024, Toyota’s global output fell to 869,230 vehicles, a 6.2% decrease compared to the same month the previous year. This decline was steeper than the 0.8% drop observed in October.

The company’s production in the U.S. dropped by 11.8%, showing slow recovery. However, the production of models like the Grand Highlander and Lexus TX SUV resumed after a four-month hiatus in late October.

In China, Toyota’s production decreased by 1.6%, a smaller drop compared to the previous month’s 9% decline. The company benefited from higher local sales of models such as the Granvia and Sienna minivans, as well as the electric sedan bZ3, developed jointly with BYD.

As Chinese automakers like BYD gain ground, Toyota has decided to establish an independent plant in Shanghai and plans to start manufacturing electric vehicles for its Lexus luxury brand by 2027, according to a report from Nikkei.

Production in Japan, which accounts for about a third of Toyota’s global output, was down 9.3% in November. This was partly due to a two-day production halt at the company’s Fujimatsu and Yoshiwara plants.

Despite the production challenges, Toyota saw a 1.7% increase in global sales, reaching 920,569 vehicles in November, setting a new record for the month. However, for the period from January to November 2024, global production fell by 5.2% year-over-year, totalling around 8.75 million vehicles. During the same period, global sales declined by 1.2%.

These figures include Toyota’s Lexus brand but exclude sales from its group companies, Hino and Daihatsu.

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