Greek exports enjoyed double-digit annual growth in the first four months of the year, while the trade deficit posted a decline. The Panhellenic Exporters Association is expressing optimism that the rising trend will continue for the export sector in the coming months despite the adversities from the trade conflict and US tariffs on steel and aluminium imports.
Hellenic Statistical Authority (ELSTAT) data showed on Thursday that exports amounted to 2.59 billion euros (including fuel products) in April, up from 2.32 billion in the same month in 2017, recording annual growth of 11.6 percent. Excluding fuel, exports reached 1.71 billion against 1.52 billion in April 2017, a 12.4 percent increase.
In the first four months of the year the rise was even greater: Exports amounted to 10.45 billion euros in the January-April period, up 13.2 percent on last year’s 9.23 billion. Excluding fuel products, the figure came to 7.14 billion euros, up 13.3 percent. At the same time imports dropped 9.9 percent excluding fuel.
The significant rise in exports with the drop in imports resulted in a 15.1 percent narrowing of the trade deficit to 7.08 billion in January-April. Excluding fuel, the contraction amounts to 20.9 percent, which is explained by the rise in international oil prices.