Sunday November 23, 2014 Search
Weather | Athens
18o C
10o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Eurozone exports hit by Russian crisis

Economic crisis in Russia and sluggish demand from Turkey weighed on hopes for an export-led recovery in the eurozone in June, official data showed on Monday.

Exports from the 18-nation single currency zone dipped by 0.5 percent in June compared with May to 162.2 billion euros ($217 billion), the Eurostat statistics agency said.

"Junes eurozone trade data provided yet further evidence that the external sector remains too weak to make up for the region's feeble domestic recovery, said Jessica Hinds of Capital Economics.

Eurozone exports were dragged down by a 14 percent slump in demand from sanction-hit Russia and an 8 percent drop from Turkey, which is suffering an economic slowdown.

With imports up a slight 0.5 percent, this meant countries in the eurozone posted a marginally higher 16.8-billion-euro trade surplus in June, up from 15.4 billion euros the month before.

"Weaker external demand played an important part in the slowdown of the eurozone export-led recovery in the second quarter, said Christian Schulz, economist at Berenberg Bank.

Policy-makers in Brussels had hoped the eurozone economy was recovering on the back of exports from periphery countries that have pushed through reforms recommended by the EU.

But there are fears the crisis in Ukraine will weigh on growth this year and some EU leaders have warned that sanctions against Russia, which came into effect this month, could further derail the bloc's fragile recovery from the eurozone debt crisis.

"Not just the crisis of Russias economy, but also the temporary slowdown in the US and some emerging markets contributed to the spring lull, said Schulz.

Growth figures last week showed the eurozone economy ground to a halt in the second quarter, casting a cloud over the crisis-hit region.

In June, powerhouse Germany was the only major eurozone economy to post a significant increase in exports for the year to date, which rose three percent from the same period in 2013.

Exports in Spain and Portugal, which slumped into deep recessions during the eurozone debt crisis, dropped one percent. Greek exports were down 8 percent.

Meanwhile, demand for eurozone exports was up a strong 8 percent in Britain, where an economic recovery is underway. Demand from China was also up 8 percent.

"The UK was one of the few very strong bright spots for trade in the first half of the year, Berenberg's Schulz said.

The recovery in Britain is in part fuelled by the demand for imports.

In June, Britain posted the widest trade deficit in the 28-nation EU, at 48.1 billion euros, followed by France, Spain and Greece.

Overall, the EU posted a trade surplus of a 2.9 billion euros in June, pushed wider than the previous month by a drop in imported energy. [AFP]

ekathimerini.com , Monday August 18, 2014 (17:26)  
Fitch keeps Greek rating at B, outlook stable
More cash for banks with same papers
Growth to fuel rise in revenues
Commercial property draws interest from investors
Cyprus on agenda in Biden visit to Istanbul
The prospects for the resumption of stalled peace talks on Cyprus and the issue of energy security were among the matters discussed on Saturday by US Vice President Joe Biden and Turkish gov...
PASOK nixes Papandreou leadership challenge
The junior coalition partner PASOK rejected over the weekend a proposal by the partys former leader and ex-premier George Papandreou for the party to call an emergency congress and a subseq...
Inside News
INTERVIEW
Tokyo hopes to change the world
The 2020 Summer Olympic and Paralympic Games in Tokyo will serve as a springboard for the rebuilding of Japans image and economy following the triple blow of the earthquake, tsunami and nuc...
BASKETBALL
Big win for Greens, tight one for Reds
Panathinaikos scored a crucial as well as emphatic away win at Turow on Thursday that should see it qualify from its tough group to the top 16 of the Euroleague, while Olympiakos saw off vis...
Inside Sports
COMMENTARY
Extremism from a bygone era
There are times when we seem to be overcome by self-destructive madness. I hear various commentators and politicians speaking in extreme terms of a junta, of defections, gallows, collaborato...
EDITORIAL
No call for more games
Psychological warfare has been a part of the negotiations between the troika and Athens from the very start of the crisis. But the situation is much different now and troika decision-makers ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Cyprus on agenda in Biden visit to Istanbul
2. PASOK nixes Papandreou leadership challenge
3. Troika tests govt nerves as budget rift persists
4. Climate change to hit farming, Greek coastline
5. Piraeus nightclub shooting leaves 3 seriously injured
6. London court to rule on extradition of former judge
more news
Today
This Week
1. Extremism from a bygone era
2. No call for more games
3. PASOK nixes Papandreou leadership challenge
4. Piraeus nightclub shooting leaves 3 seriously injured
5. Climate change to hit farming, Greek coastline
6. Fitch keeps Greek rating at B, outlook stable
Today
This Week
1. Double quake on Atalanti fault line rattles Greek capital [Update]
2. Greece and Poland switch roles as young Greeks head to vibrant Eastern European country for better prospects
3. Biden heads to Istanbul amid tension over Cyprus EEZ violation
4. Anti-junta uprising anniversary to be marked amid tight security
5. Carlsberg takes control of Greek brewer Olympic Brewery [Update]
6. Every age has its collaborators
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.