Saturday April 25, 2015 Search
Weather | Athens
14o C
09o 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 countrys 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 countrys 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)  
Construction material costs slide anew
Navios taps German shipping opportunities
Govt eyes state company reserves
Thessaly stores likely to remain closed on first Sunday of spring sales
FM warns against a lose-lose situation [Update]
Germany will have to decide whether it wants to support Greece or make an example of the SYRIZA-led administration, Foreign Minister Nikos Kotzias said on Friday. Do they want to support us...
PM tries to appease mayors, regional governors over cash bill
Prime Minister Alexis Tsipras met regional governors and mayors over the weekend in a bid to overcome their objections to a decision by the government forcing local authorities to hand over ...
Inside News
SOCCER
Rival soccer fan clashes leave man stabbed
One man was stabbed and several others slightly injured as rival Thessaloniki club fans clashed late on Friday at an event held by Aris supporters. Reports from Greeces second city stated t...
TRACK & FIELD
Grabbing the shoes that have gone a long way
Greek Marathon legend Maria Polyzou is calling on everyone to join her in her charity run at the Dusseldorf Marathon on Sunday, April 26, by bidding for her special shoes she will race in an...
Inside Sports
COMMENTARY
Five years ago
This week marks five years since Greece officially entered a period of crisis when then Prime Minister George Papandreou announced that the country would seek a bailout from the eurozone and...
EDITORIAL
Slippery slope
The extremely divisive language that is currently being used by parliamentary deputies and coalition ministers is both unacceptable and dangerous. It is high time that the tired, old argumen...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. FM warns against a lose-lose situation [Update]
2. PM tries to appease mayors, regional governors over cash bill
3. Poll: Large majority of Greeks want compromise with lenders
4. Police rescue 69 migrants from Evros River
5. Thessaloniki nanny denies abusing toddler
6. Cigarette-smuggling ring arrested in northern Greece
more news
Today
This Week
1. Five years ago
2. Greece not playing a game of chicken on debt
3. Slippery slope
4. Poll: Large majority of Greeks want compromise with lenders
5. Police rescue 69 migrants from Evros River
6. Cigarette-smuggling ring arrested in northern Greece
Today
This Week
1. Quarantine for Greek bank subsidiaries in neighboring countries
2. Greek government's popularity takes a hit as talks drag on
3. Putting off payments led to Q1 budget primary surplus
4. Obama calls for flexibility in Greek reform talks in brief exchange with Varoufakis
5. It's up to the Greek government to ensure deal with lenders, says ECB's Coeure
6. Europe's collision course with Greece
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.