Exports drop in November

Despite the 3.93 percent increase in food (including olive oil) and livestock exports in November on a yearly basis, the total value of Greek products heading abroad continued to decline for a second month, which is attributed to the country?s credibility deficit.

Hellenic Statistical Authority (ELSTAT) data showed a 3.1 percent annual decline, confirming what Greek exporters have been saying: that orders from abroad are being canceled as clients fear Greek producers will not be able to fulfill them.

While exports within the European Union posted a 3.9 percent rise, the value of products going to third countries slumped by 13.4 percent from November 2010. Raw materials dropped by 28.47 percent, but industrial products climbed by 19.92 percent.