BUSINESS

Trade deficit narrows as exports expand

TAGS: Economy

Exports in the first quarter of the year defied the difficulties and continued to increase according to figures compiled by the Panhellenic Exporters Association and its Center for Exports Research and Studies (KEEM). The trade deficit shrank further both in March and in the first quarter.

According to the analysis of Hellenic Statistical Authority provisional data by KEEM, exports (including fuel products) rose by 225 million euros in March, or by 8.5 percent on an annual basis, to reach 2.88 billion euros, against 2.66 billion a year earlier. Excluding fuel products, exports rose 8 percent or 149.6 million euros.

On the other hand, imports declined by 263 million euros or 5.5 percent to 4.51 billion euros, from 4.77 billion in March 2017. Excluding fuel products, there was a marginal increase of 0.3 percent or 12 million euros.

Consequently the trade deficit fell 488 million euros or 23.1 percent in March to 1.62 billion euros, against 2.11 billion in the same month last year. Similarly in the first quarter of the year the deficit decreased by 17.9 percent or 1.17 billion euros to 5.34 billion euros, as exports increased 13.6 percent (or 938.9 million euros) and imports dropped by 1.7 percent (or 228.7 million euros).

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