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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.

Kuwaiti Ambassador Advocates For Strengthened Ties Between Cyprus And GCC Nations

The Kuwaiti Ambassador to Cyprus, Abdullah Musaed Al-Khorafi, has underscored the vital need to deepen dialogue between Kuwait, Cyprus, and the Gulf Cooperation Council (GCC) nations, as well as the broader Arab world. He made these remarks during a luncheon held at his Nicosia residence on February 4, which brought together key diplomatic figures.

The event was hosted in honor of Annita Demetriou, President of the House of Representatives of Cyprus, and was part of a series of high-level diplomatic gatherings organized by the Kuwaiti Embassy in Cyprus. Among the attendees were the ambassadors and heads of Arab diplomatic missions in Cyprus, as well as representatives from the U.S. and Swiss embassies.

Ambassador Al-Khorafi took the opportunity to lead an expanded discussion on pressing regional and international developments, focusing particularly on the Middle East. Topics included the ongoing crises in Syria, Lebanon, and Palestine, with a strong emphasis on how these events affect regional stability.

The luncheon also served as a platform for talks on enhancing cooperation between Cyprus and GCC countries, as well as broader Arab nations. The discussions highlighted opportunities to strengthen ties in key sectors such as education, culture, trade, investment, and tourism. The aim is to build closer connections between people and foster mutual benefits.

In his opening speech, Ambassador Al-Khorafi stressed the importance of promoting dialogue at both governmental and societal levels, not only between Kuwait and Cyprus, but across the entire GCC and Arab world. He expressed his gratitude for the presence of President Demetriou, noting that her participation symbolized Cyprus’ commitment to advancing relations with Kuwait and its regional partners.

President Demetriou, in turn, thanked the ambassador for his hospitality, reflecting on the fruitful discussions and shared goals for enhancing Cyprus’ relations with Kuwait and the wider Arab world. She reaffirmed the importance of cooperation and strategic partnerships between Cyprus and the GCC countries, especially in areas of mutual interest and concern.

This meeting, according to Demetriou, was a testament to the strong diplomatic relations between Cyprus and Kuwait, as well as the ongoing efforts to broaden and deepen ties with the Arab world.

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