BUSINESS

Fuel rate drop dents export value

The value of olive oil exports plummeted by over 45 percent in October from a year earlier.

TAGS: Economy

Greek exports had a rough ride in October, with their value being strongly affected by the drop of international oil rates, which led to a notable drop in the value of fuel exports. When fuel is excluded, however, exports posted a rise compared to October 2018, per Hellenic Statistical Authority figures released on Friday.

Another point of concern is the 8.1 percent reduction of the second largest category of exported goods, industrial products. This is evidence of the slowdown in the global economy, a phenomenon that could create problems for the recovering – but always vulnerable – Greek economy.

Figures revealed that the value of exports (including fuel) fell by 287 million euros or 9.1 percent in October to reach 2.87 billion euros, from 3.15 billion in October 2018. Excluding fuel, exports amounted to 2.09 billion euros, up 3.1 percent on an annual basis. Exports of industrial products amounted to 432.9 million euros, from 470.9 million a year earlier. There was a considerable 45.9 percent decline in olive oil exports, to just 29 million euros from 53.6 million in October last year.

In the January-October period, exports (including fuel) came to 28.16 billion euros, up 1.2 percent from last year, but when fuel is excluded there was 4.9 percent growth.

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