BUSINESS

Exports jump in May, but so does trade deficit

TAGS: Economy

Greek exports posted an impressive increase in May, growing 25.3 percent compared to May 2016 to reach 2.56 billion euros including fuel products and ship values.

However, the trade deficit posted a concerning rise, as in the first five months of the year it amounted to 10 billion euros, compared with 8 billion in the same period of 2016, according to official data released on Friday.

Almost all export categories recorded an increase, with olive oil being the sole exception due to low production. The comparison is favored by the drop recorded in May 2016, amounting to 11.6 percent in relation to May 2015.

A large portion of Greek enterprises has turned to exports in order to offset their losses from the drop in domestic consumption. But the growth in imports illustrates the considerable deficit mainly in raw materials that manufacturing companies are forced to import for their operations.

Imports in May reached 4.29 billion euros, up 20.6 percent from a year earlier, while excluding fuel products and ships annual growth amounts to 12.5 percent. The trade deficit in May came to 1.73 billion euros, posting a 14.2 percent yearly increase.

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