Friday October 31, 2014 Search
Weather | Athens
19o C
12o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greek exports feel the pinch from crisis in Ukraine

By Dimitra Manifava

Greek exports declined for a fifth consecutive month in February, data by the Hellenic Statistical Authority (ELSTAT) have shown, creating serious concerns about the sustainability of production in the country’s primary and secondary sectors.

The decline is likely to continue in the next few months as Greek exports are already feeling the impact of recent developments in Russia and Ukraine. At the same time, imports are growing, which may be a sign of economic recovery, but combined with the drop in exports means containment of the decline of the external trade deficit.

ELSTAT figures showed on Monday that the value of exports in February amounted to 2.05 billion euros, compared with 2.20 billion in February 2013, i.e. a reduction of 7 percent. When oil products are excluded the decline amounts to 5.6 percent. The total value of exports on a 12-month basis, from March 2013 to February 2014, posted a 2.8 percent decline from the same period a year earlier.

Although in February exports to European Union state expanded by 0.4 percent year-on-year, this was dwarfed by the decline of 12.4 percent in exports to third countries, mostly due to the drop in oil product exports – excluding them, exports fell 7.4 percent to other EU countries and 2.1 percent to third countries.

According to the Panhellenic Exporters’ Association (PSE), the coming weeks will show the full extent of the impact that the Russian-Ukrainian crisis will have on the country’s exports, as well as the consequence of the euro-dollar exchange rate as far as exports to third countries are concerned.

Besides the rejection by Russian authorities of Greek strawberry loads a few days ago, exporters also face an increase in forwarding costs as they have to send their cargo to Russia via Belarus, meaning deliveries take five days instead of three-and-a-half.

Imports posted growth for the first time since September, despite the significant decline in oil product imports. Year-on-year growth amounted to 1.6 percent, and excluding oil products the rise came to 16.4 percent. This was mostly due to the increase in imports of mechanical equipment and vehicles from third countries.

ekathimerini.com , Monday April 7, 2014 (22:38)  
Power rates soared 60 pct in six years
NBG chairman sees risks to recovery
Greek consumers shift toward money saving
IMF could offer know-how in backup plan for Greece
A year after GD members shot dead, police have no leads
A year after two members of neofascist Golden Dawn were shot dead outside the party’s offices in Neo Iraklio, north of Athens, police sources admitted that they have no leads to the killers....
No new Manolada trial, court rules
The Supreme Court has decided that four men who stood trial earlier this year for shooting 28 migrant workers at a strawberry farm in Nea Manolada in the Peloponnese should not be retried. S...
Inside News
BASKETBALL
Obradovic watches Greens thrash his Fenerbahce
The second homecoming of former Panathinaikos coach Zeljko Obradovic, now at Fenerbahce, was not as emotional as last year’s, but it was certainly was the night of an emphatic triumph for th...
SOCCER
Berg returns to add spice to Panathinaikos´s Cup win
The second round of games for the group stage of the Greek Cup produced plenty of interesting games and results in midweek, but it still lags the upset potential that the knock-out stages of...
Inside Sports
COMMENTARY
The judiciary’s responsibility
The reform efforts over the past few years have begun to bear fruit. Greece has improved its standing in the World Bank’s Doing Business rankings, rising 48 positions from 2010 to 61st place...
COMMENTARY
Time is running out in Afghanistan
Thirteen years after the attacks on the Twin Towers and NATO's entry into the war in Afghanistan, things remain pretty much unchanged: Political instability and insecurity  reign in the Cent...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Obradovic watches Greens thrash his Fenerbahce
2. Berg returns to add spice to Panathinaikos´s Cup win
3. Power rates soared 60 pct in six years
4. NBG chairman sees risks to recovery
5. Greek consumers shift toward money saving
6. IMF could offer know-how in backup plan for Greece
more news
Today
This Week
1. Greek euro dilemma is back as minister predicts volatility
2. Students hijack university senate meeting
3. Clientelism belongs to the past, says Mitsotakis
4. European stocks tumble as banks decline after Enria’s comments
5. Over 1,500 buildings and vehicles damaged in flash floods
6. Civil servants to be investigated for transferring money abroad
Today
This Week
1. Austria’s creative bookkeeping beats Greece on secret debts
2. End of reason, end of humanity
3. Clean bill of health for Greek banks from stress tests
4. Samaras pledges action after flash floods in Athens
5. Eurobank, National Bank restructurings eliminate capital gap
6. Athens flood damage assessed, compensation payments to begin
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.