BUSINESS

Exports in October post biggest decline in four years

Greek exports posted a four-year low in October, confirming the forecasts of fatigue in the sector due to reduced cash flows and the slowdown in global trade.

Hellenic Statistical Authority (ELSTAT) estimates showed on Tuesday that exports posted a considerable 12.2 percent annual decline, making October the seventh month out of the first 10 of the year that exports registered a yearly contraction. The estimates show that exports, including fuel products, amounted to 2.26 billion euros, compared with 2.57 billion euros in October 2012.

The decline is attributed to the 20.2 percent drop in exports to non-European Union countries, which mostly concerns fuel exports, while the outflow to EU member states saw only a marginal decline of 1.2 percent year-on-year.

Despite the significant slide in general exports, certain sectors appear particularly strong: Exports of chemical products rose 8.7 percent from a year earlier, those of raw materials grew 11.2 percent, while tobacco products and beverages added 9 percent.

Imports also contracted in October, declining to 4.22 billion euros from 4.53 billion in the same month last year, the statistical service estimated.

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