Cyprus Business Now

In a bid to bolster its international presence and promote Cypriot goods in foreign markets, Cyprus participated in the FHC Shanghai 2023 International Food and Beverage Exhibition and the PROWINE Shanghai 2023 International Wine and Spirits Exhibition.

The Ministry of Energy, in collaboration with the Cyprus Trade Centre in Beijing, announced Cyprus’ engagement with a national pavilion at both exhibitions, held in Shanghai from November 8 to 10.

Nine Cypriot companies across various industries including dairy and halloumi production, juices, salt, wine, and spirits represented Cyprus, marking an initiative to expand Cyprus’s commercial footprint globally.

The Ministry highlighted that these exhibitions are pivotal for industry professionals, fostering an ideal environment for international product promotion, especially in the Chinese market.

The International Food and Beverage Exhibition, FHC Shanghai, attracted approximately 100,000 visitors and hosted over 2,500 exhibitors from 30 countries.

At the same time, the International Wine and Spirits Exhibition, PROWINE Shanghai, featured around 660 exhibitors from 30 countries and drew around 30,000 visitors.

The participation in these exhibitions aligns with Cyprus’s endeavours to amplify its global trade and enhance the visibility of its diverse range of products on the international stage.

Cyprus has seen a 1.3 per cent decrease in the total sales of petroleum products on an annual basis in October, according to a report released this week by the state’s statistical service.

The report noted that petroleum product sales reached 130,677 tons, marking a 1.3 per cent decline compared to October 2022.

A noticeable reduction was observed in the sales of kerosene (-48.1 per cent), heating oil (-33.9 per cent), and light fuel oil (-29.1 per cent).

Conversely, there was an increase in the supply of aviation fuel (13.6 per cent) and marine fuel (6.5 per cent), as well as in the sales of heavy fuel oil (53.5 per cent), motor oil (4.4 per cent), gasoline (3.9 per cent), and liquefied petroleum gas (1.7 per cent).

Specifically concerning sales from petroleum stations, there was a marginal increase of 0.3 per cent, reaching 55,192 tons.

Overall, the total petroleum product sales for October 2023 remained unchanged compared to September 2023. Notably, there was a surge in heavy fuel oil sales (97.0 per cent), while gasoline (-3.7 per cent) and motor oil (-2.2 per cent) sales decreased. In addition, supplies to aircraft and vessels remained stable.

The total petroleum product stocks by the end of October 2023 decreased by 4.2 per cent compared to the end of the previous month.

From January to October 2023, the total sales of petroleum products showed no change compared to the corresponding period of the previous year.

The Cyprus Stock Exchange (CSE) ended Tuesday, November 28 with losses.

The general Cyprus Stock Market Index was at 131.03 points at 12:42 during the day, reflecting a decrease of 0.85 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 79.54 points, representing a drop of 0.90 per cent.

The total value of transactions came up to €100,651.

In terms of the sub-indexes, the main, alternative and investment firm indexes fell by 1.42 per cent, 0.23 per cent and 3.49 per cent respectively. The hotel index rose by 0.37 per cent.

The biggest investment interest was attracted by the Bank of Cyprus (no change), Hellenic Bank (no change), the Cyprus Cement Company (-1.52 per cent), Demetra Holdings (-3.6 per cent), and Petrolina Holdings (-0.91 per cent).