Exports hit by political uncertainty

Greek exports declined in July, adversely affected by the political uncertainty caused by speculation about a fresh election.

According to data from the Hellenic Statistial Authority (ELSTAT), the value of total exports reached 2.13 billion euros, down 7.2 percent year-on-year.

The fact that the drop was mainly accounted for by exports to non-European Union countries (-15.8 percent), which Greek exporters had being courting with increasing success in the last two years, was a discouraging sign. Exports to EU countries rose 3.1 percent. Apart from petroleum products, the main categories of exports were foodstuffs and live animals.

The total value of exports in the 12-month period to June 2013 was up 11.1 percent.

Imports were also lower in June, falling 8.7 percent from 4.16 billion a year earlier to 3.80 billion. Imports from EU countries fell 0.9 percent while those from outside the EU slid 15.3 percent. On a 12-month basis the overall drop was 1.8 percent.