Rapid increase in imports of green energy products

Imports related to the production of green energy in the EU more than doubled in 2022 compared to 2021 and almost tripled in Cyprus, however exports from the EU to third countries were much lower, even registering a decrease, according to data released by the Eurostat, the statistical office of the European Union.

The Eurostat figures show the changes that have taken place in the market for products such as wind turbines, liquid biofuels and solar panels, in the context of both the objectives of the European Green Deal and the reduction of energy dependence on Russia.

In particular, in 2022, EU countries spent €28.4 billion on imports of green energy products (including wind turbines, solar panels and liquid biofuels) from non-EU countries, an amount more than double that of 2021 (€13.3 billion ).

According to the available data, in 2022 Cyprus imported such products with a total value of 19.270 million euros. In 2021, according to all available data, the total value of said imports amounted to 4.955 million euros, an amount that indicates a tripling of the value of imports.

Focusing on specific products, solar panels worth €22.6 billion were imported into the EU in 2022, an increase of 145% compared to 2021 (€9.2 billion). Growth was also recorded for liquid biofuels, with 2022 imports reaching €5.1bn, up 49% on 2021 (€3.4bn). An increase was also recorded in wind turbine imports, which increased by 17% to €0.8 billion in 2022, from €0.6 billion in 2021.

According to the data available for Cyprus, the largest share of the value of imports of products related to green energy in 2022 concerned photovoltaics, which exceeded 19 million euros in value.

Compared to 2012, imports of all three green energy products have increased at EU level. Imports of solar panels increased by 137%, imports of liquid biofuels by 60% and imports of wind turbines by 504%.

Exports from the EU are considerably lower

In terms of exports, the value of green energy products exported by the EU to non-EU countries was significantly lower than imports (3.7 billion euros), and was 27% lower than the corresponding value in 2021 (5.0 billion euros).

On the other hand, exports from Cyprus to third countries in 2022 concerned solar panels but were quite low (worth 209 thousand euros), although increased compared to 2021 (52 thousand euros).

Exports of wind turbines from the EU to third countries reached a value of €1.3 billion in 2022, registering a decrease of 59%) compared to those in 2021 (€3.2 billion). The value of solar panel exports reached EUR 0.8 billion in 2022, recording an increase of 44% compared to 2021 (EUR 0.6 billion). Exports of liquid biofuels amounted to 1.6 billion euros, registering an increase of 23% compared to 2021 (1.3 billion euros).

Exports of liquid biofuels increased by 235% compared to 2012, from just €0.5 billion in 2012 to €1.6 billion in 2022. Exports of solar panels recorded a milder increase of 25%, from €0.6 billion .€ in 2012 to €0.8 billion in 2022. Wind turbine exports fell by 55%, from €2.9 billion in 2012 to €1.3 billion in 2022.

Source: stockwatch.com.cy

Photo: stockwatch.com.cy