Steady Growth in Cypriot Exports Signals Positive Economic Momentum, Says Commerce Minister

by THEFUTURE.TEAM

November 5, 2024

Cyprus’ export sector is experiencing a strong growth trajectory, according to Minister of Energy, Commerce, and Industry George Papanastasiou, who highlighted a significant 38% annual increase in exports for 2023. Speaking at the Annual General Meeting of the Paphos Chamber of Commerce and Industry, Papanastasiou noted that total Cypriot exports reached €4.7 billion in 2023, a substantial rise from €3.4 billion in 2022.

This consistent upward trend from 2021 to 2023 points to a robust expansion in Cyprus’ export activities. Despite global trade challenges, Papanastasiou emphasized that Cypriot exports are maintaining their positive momentum into 2024. He attributed part of this progress to the growing competitiveness of Cypriot industries, noting that exports of locally produced goods surged by 63%, reaching €2.36 billion compared to €1.45 billion over the same period.

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The primary drivers of this growth are industrial products, particularly from the agricultural and manufacturing sectors. Greece, Lebanon, Israel, Germany, and the UK were identified as the top five destinations for Cypriot goods between 2021 and 2023.

The Commerce Minister further indicated that exports continued to rise in early 2024, with January-to-July figures showing a 4% year-on-year increase, bringing the export total to €1.22 billion. He emphasized that sustainable growth in exports relies on effective collaboration, open dialogue, and state support for business initiatives, which can foster economic benefits for both companies and the broader economy.

Papanastasiou also underscored the role of small and medium-sized enterprises (SMEs), which constitute the majority of businesses in Cyprus, as a fundamental part of the economy. In 2022, Cyprus had around 92,000 SMEs, with the manufacturing sector alone encompassing over 5,000 companies and employing more than 35,000 workers—about 8% of the country’s total employment.

Moreover, he recalled that the value of Cyprus’ industrial production amounts to €4.5 billion, with the sector contributing approximately 8.4% to Cyprus’ GDP, according to the 2023 statistics.

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X Bets On A Better Video Editor To Lure Original Creators And Reduce Recycled Content

by THEFUTURE.TEAM

July 8, 2026

X is rolling out new video editing and recording tools for its iOS app as the platform seeks to encourage more original content and strengthen its creator ecosystem.

A Push Toward Original Video

The update introduces several features aimed at helping creators produce and edit videos directly within the app. New tools include multilingual caption overlays with customizable styles and green-screen effects that can use photos from a user’s camera roll or other posts on X.

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“One of our biggest priorities is to give creators the tools to create original content [and] reward those creators,” X Head of Product Nikita Bier wrote in a post on the platform.

“We have plenty more updates coming to the video editor in the coming weeks,” he added.

Encouraging Native Content

According to Bier, the goal is to make it easier for creators to publish original videos on X rather than reposting content from other platforms.

Video has become an increasingly important part of X’s strategy. Bier said posts containing video already account for nearly half of all impressions on the platform, investing in creator tools a key priority.

Competition For Creators Intensifies

The launch comes as major social media platforms compete to attract and retain creators through editing tools, audience reach and monetisation programmes.

While X already offers creator revenue sharing, it faces competition from platforms such as YouTube, TikTok and Meta, all of which provide more mature creator ecosystems and established content management tools.

Meta, for example, allows Reels creators to report unauthorised reposts and add attribution to eligible content, while YouTube has long relied on automated systems to identify copyrighted uploads.

Spam And Bots Remain A Challenge

The new editing tools also arrive as X continues its broader efforts to combat spam and automated accounts. Earlier this year, Bier said the company was detecting and suspending around 208 bots per minute, adding that a significant share of the product team remained focused on anti-spam development.

The challenge extends beyond X. Reddit has introduced AI-powered tools to combat increasingly sophisticated spam, while Digg shut down its app earlier this year after citing the growing difficulty of managing automated content.

For now, X’s new video editor and recorder are available only on iOS, while the Android version remains under development.

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