The country’s export activity continued to head south in the year’s first couple of months, as had been the case at the end of 2013. However, the trade deficit was reduced by 2.4 percent year-on-year as a result of the 4.1 percent drop in imports, according to data released on Friday by the Panhellenic Exporters’ Association (PSE).
The figures showed exports in the January-February 2014 period at 4.18 billion euros, down 5.5 percent from 4.42 billion euros in the same period last year.
February was even worse than January, as exports declined by 6.8 percent on an annual basis. This was mainly due to the 12.4 percent slide in exports to countries outside the European Union, as exports to fellow bloc members posted an increase of 0.7 percent, which PSE attributes to the gradual shift of oil product exports from third countries to EU peers.