Thursday March 5, 2015 Search
Weather | Athens
20o C
11o 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)  
Industrial products offset agricultural exports losses
BoC disposing of 41 properties across Greece
RAE offers gift to natural gas power plants
Emergency intervention by BoG to acquire T-bills
Police, ministry dodge blame for migrants order
The Greek Police and the Interior Ministry on Wednesday both dodged the blame after new police guidelines on migration control were issued and then revoked within a few hours following a veh...
Speaker says laws may not stand
Parliament Speaker Zoe Constantopoulou suggested on Wednesday that some laws voted by less than 151 of 300 MPs when Golden Dawn MPs being held in pretrial custody were not allowed to cast ba...
Inside News
SOCCER
Super League restarts, but behind closed doors
Deputy Minister for Sports Stavros Kontonis announced on Wednesday the resumption of the Super League this weekend after it was suspended last week following crowd trouble at the Athens derb...
SOCCER
Marinakis fines Olympiakos players
Olympiakos president Evangelos Marinakis on Monday fined the team 500,000 euros for disappointing performances and called on them to make a sacrifice to win trophies or leave. "Olympiakos ...
Inside Sports
FOCUS
Greek officials have ruffled feathers in Brussels for not having good diplomatic manners
Strapped for cash and under pressure to deliver on reforms, Greece's new radical government has ruffled feathers in Brussels by not respecting the diplomatic niceties of the negotiating tabl...
COMMENTARY
Up the creek without a paddle
One of the issues that dominated the countrys pre-election debate was whether SYRIZA, which eventually won the vote, had worked out a plan B. It was clear from the start that its much-hyped...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Industrial products offset agricultural exports losses
2. BoC disposing of 41 properties across Greece
3. RAE offers gift to natural gas power plants
4. Emergency intervention by BoG to acquire T-bills
5. Valavani offers debt penalty write-off
6. Police, ministry dodge blame for migrants order
more news
Today
This Week
1. Up the creek without a paddle
2. Greek officials have ruffled feathers in Brussels for not having good diplomatic manners
3. Panousis says no official decision on undocumented migrants
4. More Germans booking holidays in Greece, tourism chief says
5. For Greece, a lesson from Ireland, Kenny says
6. ECB glimpse of Cyprus debt shows limits of bank cleanup
Today
This Week
1. Greece to make international protest over Turkey reserving Aegean air space
2. A fierce battle looms
3. SYRIZA feeling the pain
4. The Greek tax drama
5. The unlikely winners of Greece's surrender on euro
6. Tsipras reversal draws Greek sympathy as party rumblings rise
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.