Monday April 27, 2015 Search
Weather | Athens
14o C
09o 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)  
EU Commission to revise down Greek growth forecast
Further delays will only harm economy
Cosco eyes big network from Piraeus port
Fresh cuts to bank collateral may lead to capital controls
Akinci elected Turkish-Cypriot leader, raising hopes of peace deal on island
Mustafa Akinci, who won a run-off for the Turkish Cypriot leadership on Sunday, is a veteran politician seen as best placed to revive peace talks with the Republic of Cyprus. Akinci, 67, bea...
Merkel, Tsipras agree to stay in touch to reach debt deal
Greek Prime Minister Alexis Tsipras and German Chancellor Angela Merkel agreed in a phone conversation on Sunday to maintain contact during talks between Athens and its lenders to reach a de...
Inside News
SOCCER
Panathinaikos beats Xanthi to rise to second
Panathinaikos jumped back up to the second spot of the Super League after its home win over Xanthi on Saturday, as PAOK slumped to third due to its draw at home with PAS Giannina on Sunday. ...
WATER POLO
Olympiakos wins Euro crown in womens water polo
The womens water polo team of Olympiakos won its first ever LEN Euro League at the Final Four it hosted in Piraeus by beating holder Sabadell from Spain 10-9 in Saturdays final. After defe...
Inside Sports
ANALYSIS
If Greece falls, no one wants their prints on the murder weapon
We're going bust. No, you're not. You're strangling us. No we're not. You owe us for World War Two. We gave already." The game of chicken between Greece and its international cred...
COMMENTARY
Reaching crunch time
Several cabinet ministers and MPs are no longer hiding it: They either openly admit that they are promoting the drachma or they murmur things like, Why not the drachma? Some go even furthe...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Akinci elected Turkish-Cypriot leader, raising hopes of peace deal on island
2. Panathinaikos beats Xanthi to rise to second
3. EU Commission to revise down Greek growth forecast
4. Further delays will only harm economy
5. Cosco eyes big network from Piraeus port
6. Fresh cuts to bank collateral may lead to capital controls
more news
Today
This Week
1. Greek tourism threatened by various factors
2. Agenda
3. Fresh cuts to bank collateral may lead to capital controls
4. Merkel, Tsipras agree to stay in touch to reach debt deal
5. Further delays will only harm economy
6. EU Commission to revise down Greek growth forecast
Today
This Week
1. Greek government's popularity takes a hit as talks drag on
2. Europe's collision course with Greece
3. It's up to the Greek government to ensure deal with lenders, says ECB's Coeure
4. Leaving the past in the past
5. Denialism
6. The price of compromise
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.